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JSE in the red on profit taking

PALESA MOTLOUNG | JOHANNESBURG, SOUTH AFRICA - Nov 04 2008 12:54

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The JSE came off its lows on Tuesday morning, but remained slightly weaker at noon as global markets
continued to watch the US presidential election and traders took short-term profits.

The JSE, which ignored firmer Asian markets, continued to be weighed down by losses in the resources, banks and financials sectors.

By noon, the JSE's all-share index had lost 0,49%, with resources down 1,49% and gold stocks off 0,29%. However platinum miners were up 2,79%.

Banks declined 1,78%; financials were down 1,06%, but industrials were up 0,84%.

The rand was bid at 9,91 to the dollar from 9,83 when the JSE closed on Monday, while gold was last quoted at $730,85 a troy ounce from $729,33/oz at the JSE's last close.

The platinum price was at $823,50/oz, from its previous close of $808/oz and Brent crude was at $59,17 from $60,48 before.

"The general theme on the market is profit taking," a local trader said.

"Markets had the opportunity to build some positions last week. Now we are seeing some uncertainty about how markets will react to the outcome of the US election," he added.

Dow Jones Newswires reports that European stocks are a touch weaker as investors pause for thought ahead of interest rate decisions from the BOE and ECB later in the week.

CONTINUES BELOW

In Asia, stocks were mostly flat except for Japan where the Nikkei closed up 6,27% after a holiday on Monday.

London shares traded in a tight range on Tuesday, with losses from miners and Royal Bank of Scotland offsetting gains from Marks & Spencer and other retailers. The FTSE 100 was last up 0,64%.

On the JSE, Anglo American was down R5,01, or 2,05%, to R238,99 and BHP Billiton lost R2,60, or 1,54%, to R166.

Sasol fell R13,25, or 4,49%, to R281,75.

ArcelorMittal lost R3,66, or 4,14%, to R84,83 and Highveld Steel gave up R1,90, or 2,97%, to R62.

However, Kumba Iron Ore added R5,72, or 4,22%, to R141,22.

Among gold miners AngloGold Ashanti was down R2,51, or 1,37%, to R180,89 while Goldfields added 73 cents, or 1,12%, to R65,98.

Platinum miner Anglo Platinum gained R15, or 3,59%, to R433, Impala Platinum was up R2,49, or 2,47%, to R103,49 and Lonmin put on R4,67, or 2,58%, to R185,44.

In other miners African Rainbow was up R1,86, or 1,69%, to R111,86.

However Exxaro shed R1,38, or 2,11%, to R64,02.

Among industrials, brewer SABMiller was up R4,33, or 2,81%, to R158,32 and Famous Brands edged up 39 cents, or 2,89%, to R13,90.

However, Remgro was down R2,43, or 3,38%, to R69,57, Barloworld lost 87 cents, or 1,50%, to R57,14 and Imperial gave up 72 cents, or 1,33%, to R53,28.

Among bankers Absa was off R3,50, or 3,52%, to R96, Nedbank lost R1,81, or 1,86%, to R95,39, First Rand edged down 19 cents, or 1,34%, to R13,97 and Standard Bank was off R1, or 1,27%, to R78.

Retailer Truworths was up 78 cents, or 2,36%, to R33,83 and Spar put on 90 cents, or 1,67%, to R54,90. - I-Net Bridge

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JSE in the red on profit taking

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