Mining counters led the downside as South African stocks extended losses by noon on Monday, with falling world markets and worse-than-expected GDP figures adding pressure.
By 12.04pm the JSE all-share index had fallen 2,39%, with resources losing 3,21%, platinum miners giving up 7,19% and gold counters easing 0,56%.
Banks were down 1,44%, financials gave up 2,07% and industrials weakened 1,57%.
The rand was last bid at 10,08 to the dollar from 9,96 when the JSE closed on Monday. Gold was quoted at $987,25/oz a troy ounce from $976,60/oz at the JSE’s last close, and platinum was at $1 081/oz from its previous close of $1 074/oz.
“We remained in the red the whole morning and the market continued its downward movement on the back of the worse-than-expected GDP figures,” a Johannesburg-based trader said.
“World markets are in the doldrums and that is also weighing on us.
“The mining shares are still very much under pressure as market players take profits. Old Mutual is being impacted on heavily by world market sentiment and the paper companies remain under a lot of pressure.
“There is, however, some buying seeping into some lower-priced areas with the likes of Shoprite moving up.
“Generally, shares and world markets are very oversold. We are likely to see some bargain-hunting come into the market despite the negative sentiment,” he added.
Among equity movers on the JSE, Anglo American lost R4,80, or 3,16%, to R147,20 and BHP Billiton was down R4,36, or 2,67%, to R159.
Petrochemicals group Sasol gave up R11,55, or 4,43%, to R249,45.
Highveld Steel edged up 63 cents to R69,63 but ArcelorMittal was off R4,30, or 5,50%, to R73,95 and Kumba Iron Ore gave up R4,38, or 2,75%, to R155.
Gold miner AngloGold Ashanti shed R4,40, or 1,35%, to R321,60.
Platinum miner Anglo Platinum fell R21,15, or 4,95%, to R406,35, Impala Platinum weakened R11,50, or 8,49%, to R124 and Lonmin gave up R10, or 6,67%, to R140.
Exxaro was down R1,30, or 1,93%, to R66,20. The group earlier reported a 167% increase in its full year headline earnings to R3,7-billion or R10,68 a share from R1,4-billion or R4,03 a share reported for the previous corresponding period.
Among industrials, brewer SABMiller lost R5,49, or 3,58%, to R148,05, Remgro gave up 85 cents, or 1,22%, to R68,65 and Tiger Brands weakened R2,03, or 1,58%, to R126,07.
However, Barloworld was up 33 cents, or 1,03%, to R32,38.
Among banks Standard Bank was down R1,80, or 2,79%, to R62,81 and the other banks were flat.
Financial services group Old Mutual gave up 63 cents, or 9,91%, to R5,73, Sanlam was down 23 cents, or 1,46%, to R15,51 and Investec fell R1,40, or 4,35%, to R30,75.
Sugar group Illovo weakened 65 cents, or 2,58%, to R24,50.
Media group Caxton was down 12 cents, or 1,08%, to R11,01.
Retailer Woolies was off 20 cents, or 1,63%, to R12,10, Pick n Pay lost 69 cents, or 2,21%, to R30,51, JD Group was down 75 cents, or 2,42%, to R30,25 and Nu Clicks was down 70 cents, or 4,76%, to R14.
However, Mr Price collected 25 cents, or 1,04%, to R24,30.
Liberty International shed R1,65, or 3,54%, to R45.
Construction group Aveng lost 46 cents, or 1,80%, to R25,03, Group Five was down 57 cents, or 2,10%, to R26,57, Murray & Roberts shed R1,09, or 2,91%, to R36,41 and WBHO gave up 99 cents, or 1,14%, to R86.
Cement manufacturer Pretoria Portland Cement weakened 69 cents, or 2,28%, to R29,61.
Telecommunications group MTN Group was unchanged at R88,75 and Telkom was down R3,49, or 3,23%, to R104,51. — I-Net Bridge