JSE remains lower in quiet trade

The JSE stayed in negative territory on Tuesday amid a lack of positive news in thin end-of-year trade.

By noon the JSE all share index was down 0.5% at 50‚935.3. The resource 10 index had fallen 0.24%‚ the industrial index slipped 0.7% and financials dropped 0.23%.

Elsewhere‚ markets were more positive‚ with the UK’s FTSE 100 up 0.42%‚ Germany’s DAX 30 1.63% firmer and the Paris CAC 40 adding 1.49%. Banking shares were firmer in Europe but in the UK the index was weighed down by mining shares‚ as copper and aluminium companies were sold off on concerns that Chinese offtake would remain sluggish.

Spot gold lifted by $2.35 or 0.21% to $1‚071.26/oz while Brent crude was 0.74% higher at $36.77/barrel in anticipation of increased northern hemisphere demand as temperatures have fallen.

Several resources shares were among the JSE’s biggest gainers‚ including junior developer Kibo Mining‚ which rose 21.95% to 100c‚ Glencore with a 5.39% increase to R21.12‚ and gold and platinum producer Pan African Resources‚ up 4.71% to R1.78.

ICT shares were mixed‚ as Altron lifted 13.22% to 625c but Mustek shed 6.13% to R7.51. Food groups were also mixed‚ as Clover added 3.72% to R17.27 but Rhodes Food Group dropped 4.95% to R21.11.

- TMG Digital/Business Day