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 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 hit another fresh high on Friday morning, boosted by strong gains for resources. At 11.56am, the all-share index was up 0,82%, boosted by a 1,48% rise in resources and a 2,06% gain for the platinum-mining index. Banks were up 0,37% and financials were 0,61% better. Industrial were flat (-0,03%) and the gold-mining index eased 0,80%.
World markets were dampened by negative earnings reports from the United States on Monday, causing the JSE to pull back sharply. By midday, the JSE's broader all-share index had fallen 1,48%. The banking index pulled back 2,51% and financials retreated 1,41%.
Talk of China's interest in a stake in BHP Billiton has sent the resources index northward and, in turn, helped the JSE advance further by midday on Wednesday. Dow Jones newswires said that the <i>Australian</i> reported in its Wednesday edition China is in the early stages of planning to buy a stake in miner BHP Billiton.
The JSE remained firm by midday on Tuesday as overnight gains in the United States triggered good buying interest among global equities. By noon, the JSE's broader all-share index was up 2,22%. Banks gained 3,1% and financials lifted 3,06%.
Last year the commission asked the Constitutional Court to force the former president to appear. Although ruling has not been made, the summons remains valid, but Zuma’s lawyers say they won’t honour it