JSE is lower as resources retreat

The JSE was weaker at midday on Monday as resources and platinums retreated‚ despite stronger Asian and European markets.

Oil stocks were swept lower globally as crude oil prices retreated from gains made last week.

Brent crude‚ the global benchmark‚ was last seen 1.8% lower at $31.57 a barrel.

Local investors are awaiting an interest-rate decision by the Reserve Bank’s Monetary Policy Committee (MPC) later in the week.

Most economists are expecting the MPC to raise interest rates by 25 basis points on Thursday due to a deteriorating inflation outlook caused by a weak rand.

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At 1.01pm the all-share index was down 0.15% at 47‚589.80 points and the blue-chip top 40 was down 0.04%.

Gold miners led the gainers‚ up 3.47%‚ while resources led the downside‚ giving back 2.14%. Platinums were 0.94% down.

The further fall in oil prices ended a brief recovery in global stocks on Monday‚ even as Asian shares closed higher after a strong finish on Wall Street‚ Dow Jones Newswires reported.

Meanwhile US futures markets are pointing to a 0.5% opening loss for the S&P 500‚ while the Stoxx Europe 600 fell 0.6% in early trade‚ the newswire said.

In addition to volatile oil prices‚ many investors remain concerned about slowing growth in China‚ pressure on emerging markets and the ability of markets to withstand rate increases from the US Federal Reserve.

Among individuals on the JSE‚ Anglo American fell 5.87% to R52.95 and rival BHP Billiton was down 3.59% at R151.08.

Sasol was down 1.23% at R390.91 after the price of Brent oil retreated.

Harmony surged 6.18% to R29.20 and smaller player Sibanye Gold gained 5.02% to R35.17.

- © BDlive 2015