South African stocks plunged more than 600 points by midday on Tuesday weighed by falling resource counters and continued global economic worries.
South African stocks plunged more than 600 points by midday on Tuesday weighed by falling resource counters and continued global economic worries.
The JSE all-share index had shed 2,78%, led by resources falling 4,66%, platinum counters losing 6,70% and gold miners giving up 2,20%.
Banks weakened 1,62%, financials gave up 1,35% and industrials lost 1,38%.
The rand was last bid at R10,15 to the dollar, from R10,03 when the JSE closed on Monday.
Gold was last quoted at $819,70 a troy ounce from $821,53/oz at the JSE’s last close and platinum was at $938/oz from its previous close of $954/oz.
“Resources are leading the way. Global economic worries are really weighing us down,” a local trader said.
“It’s earnings season in America and the worry from there, after Alcoa posted worst than expected results, is impacting negatively on world markets.
“Also, in the east the yen was very strong and that affected the motor and electronic companies.
“The rand has also weakened on the negative sentiment. So overall, news in the market is not very good,” he added.
Dow Jones Newswires reports that London stocks were deep in the red but off the session low of 4 346,3.
The FTSE was last down 1.74%.
US stocks are expected to open moderately lower, tracking losses in European and Asian markets, according to GFT Global Markets trader Marco Jagustin.
He calls the Dow Jones Industrial Average to open down 32 points and the S&P 500 down four points.
On the JSE, Anglo American fell R10,29, or 4,70%, to R208,81 and BHP Billiton lost R8,08, or 4,33%, to R178,52.
Petrochemicals giant Sasol plummeted R18,70, or 5,94%, to R296,30.
ArcelorMittal weakened R4,52, or 4,76%, to R90,49 and Kumba Iron Ore lost R10,01, or 6,34%, to R147,99.
Gold miner AngloGold Ashanti was off R6, or 2,42%, to R242, Gold Fields lost 97 cents, or 1,14%, to R84 and Harmony shed R3,30, or 3,33%, to R95,70.
Platinum miner Anglo Platinum fell R28, or 4,83%, to R552, Impala Platinum lost R11,52, or 7,86%, to R134,98 and Lonmin gave up R13, or 8,44%, to R141.
In diversified miners, African Rainbow was off R6,51, or 5,34%, to R115,49, Exxaro weakened R1,15, or 1,59%, to R71,35 and Hulamin was down 29 cents, or 2,22%, to R12,80.
Among industrials, brewer SABMiller gave up R1,63 to R164,36, Bidvest shed R1,08, or 1,03%, to R103,55 and Imperial lost 75 cents, or 1,27%, to R58,50.
Banker Standard Bank was down R1,59, or 1,84%, to R84,80, Absa weakened R1,50, or 1,36%, to R109 and FirstRand gave up 24 cents, or 1,50%, to R15,76.
Financial services group Old Mutual lost 27 cents, or 2,97%, to R8,83 and Sanlam gave up 24 cents, or 1,38%, to R17,11.
Retailer Woolies weakened 30 cents, or 2,26%, to R12,95, Truworths lost 45 cents, or 1,23%, to R36, Spar gave up 79 cents, or 1,36%, to R57,21 and Steinhoff was down 35 cents, or 2,80%, to R12,15.
Shoprite was up 64 cents, or 1,16%, to R55,86. The group announced earlier that it grew turnover by 27,3% to R29,6-billion for the six months to December 31 2008. Growth on a like-for-like basis was 22%.
It said that its supermarket operation in South Africa increased sales by 24,5% and by 20% on a like-for-like basis.
Construction group Aveng shed R2,21, or 6,73%, to R30,63 and Murray & Roberts lost R1,11, or 2,22%, to R48,89.
Cement manufacturer Pretoria Portland Cement fell 55 cents, or 1,87%, to R28,93,
Information technology group Didata gave up 19 cents, or 3,43%, to R5,35 and Datatec was off 75 cents, or 4,53%, to R15,80.
Among telecommunications groups, MTN weakened R2,82, or 2,71%, to R101,18 but Telkom (TKG) added 75 cents to R114,75. — I-Net Bridge