The JSE was taking a merciless pummeling in noon trade on Tuesday as weaker world markets and lower commodity prices exacted a heavy toll. Basket selling by futures players ahead of Thursday’s closeout exacerbated the downward pressure. By 12.15pm, the all share index was down 4,42%.
The JSE was in negative territory at midday on Monday after a quiet morning’s trade. Lower commodity prices and futures-related selling ahead of Thursday’s close out were both weighing on the local bourse. By 12.05pm, the all-share index shed 1,62%. The resources and gold-mining indices tumbled 2,16% and 2,7% respectively.
The JSE was in positive territory just before noon on Friday, having rebounded sharply at the opening following Thursday’s sell off. The recovery was in line with world markets. By 11.48am, the all-share index added 1,54%. Resources rallied 2,17%, the gold-mining index gained 1,18% and the platinum-mining index perked up 1,26%.
The South African rand was firmer against the dollar in early trade on Friday as the market digested Thursday afternoon’s surprise 50-basis-point rate hike to 7,5% by the South African Reserve Bank monetary policy committee (MPC). The rand’s move came despite weakness in the euro and gold.
The JSE on Thursday suffered its worst loss since April 17 2000 — the bursting of the internet bubble — when a surprise rate hike locally saw the stuffing knocked out of a market that was already sagging under the weight of weaker world markets and lower commodity prices.
The JSE was deep in negative territory at noon on Thursday as weakness on world markets, lower commodity prices and interest-rate fears continued to weigh. Basket selling by futures players amplified the bourse’s losses. By 11.59am the all-share and all-share industrial indices slid 3,22% and 3,42% respectively.
The JSE was deluged with red just before noon on Tuesday, knocked by the double whammy of weaker world markets and lower commodity prices. A related sell-off in heavyweight resources stocks in London exacerbated the bourse’s woes. By 11.57am, the-all share index tumbled 2,14%.
The JSE was weaker at midday on Monday, dragged down by softer world markets. Gold stocks bucked the trend, however, buoyed by a higher bullion price. By 11.56am, the all-share index shed 0,23%, while the all-share industrial index eased 0,13%. The financial and banks indices fell 0,69% and 0,3% respectively.
After its slide at the opening on the back of weaker United States markets, the JSE was well off its worst levels in noon trade on Wednesday, following a turnaround on European markets. Overall, sentiment remained on the negative side, however. By 11.57am, the all-share and all-share industrial indices were 0,69% and 0,71% lower respectively.
The South African rand was looking soggy in early trade on Wednesday after sliding overnight on weakness in emerging-market currencies and stop losses triggered in euro-rand. Traders expected the local unit to weaken further, targeting the R6,80-per-dollar level.