South African stocks remained weak at midday on Friday with resources dominating the losers’ board on profit-taking and lower base metal prices.
South African stocks were lower at noon on Monday in tandem with overseas markets, but gains among selected miners capped the losses, traders said.
Stocks were slightly lower at noon on Tuesday with banks dominating the loser board on inflation worries, but miners capped losses on a weaker rand and firm metal prices, traders said. At 11.56am, the all-share index was down 0,23%, weighed by a 1,70% drop in banks.
South African stocks remained lower at noon on Friday as the mining sector continued to take a pounding on weaker commodity prices. At 12.02pm, the all-share index was down 1,03%. Resources fell 2,15%, while the gold and platinum mining indices lost 1,37% and 0,65% respectively.
South African stocks remained modestly weaker at noon on Thursday, with banks weighing heavily on a deteriorating inflation outlook after worse-than-expected producer price inflation data and the South African Reserve Bank governor’s comments that the bank was considering a 200-basis-point interest-rate hike.
South African stocks were sharply lower at noon on Wednesday, weighed by miners on falling metal prices and banks after worse-than-expected inflation data.
At noon, the all-share index tumbled 1,26%. Resources fell 2,14%, the gold and platinum mining indices gave up 2,42% and 2,78% respectively.
South African stocks were lower at midday on Tuesday, pressured by below-forecast gross domestic product (GDP) data, which showed that the quarterly economic growth rate slowed to 2,1%, traders said. At 12.02pm, the all-share index was down 0,71%. Resources fell 1,01%, while the gold- and platinum-mining indices were off 0,42% and 0,72% respectively.
South African stocks were slightly higher at noon on Monday with MTN in the spotlight on fresh merger talks with another Indian firm, but overall the session was muted due to public holidays in the United States and the United Kingdom. At 11.59am, the all-share index was up 0,30%, thanks to a 1,03% rise in resources.
The JSE extended losses at midday on Friday as profit taking-induced selling on resources offset modest gains among banks and financials, traders said. At 12.03pm, the JSE’s all-share index was down 1,24%, weighed by a 1,75% drop in resources. The gold mining index was off 0.18% but the platinum mining index added 0,17%.
The JSE hit a fresh record high on Thursday, buoyed by miners on firm commodity prices and a weaker rand, but overall the mood was dampened by global inflation worries due to the rising oil price. At noon, the JSE’s all-share index was up 0,98% at 33 230,590 after earlier touching a fresh all-time high of 33 309,820.