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    JSE slides as international markets weaken on profit taking

    Local markets

    On Tuesday at noon, the JSE had slipped 0.51% led by losses in the oil and gas index. The local bourse was influenced by weaker international markets as profit taking set in after recent gains.

    The rand slipped to R7.26 against the US dollar as investors were cautious ahead of a rate cut due later this week.

    Gold fell 0.28% to $1246.50 an ounce at midday, as dollar strength limited gains after revived concern for the European banking sector and global economic growth.

    International markets

    US markets were closed yesterday for a public holiday.

    Japan’s Nikkei average fell 0.81% this morning, as investors took profits after recent gains, and as the yen remained strong.

    Hong Kong’s Hang Seng gained 0.22% at its close to continue its recent rally.

    England’s FTSE 100 was down 0.83% at noon as losses in banks weighed after renewed concern about the health of European banking sector.

    Share price news

    At midday, Metorex Limited (share code: MTX) rose to R3.74 a share, an increase of 2.75% as 1 562 840 shares were traded in 176 deals. Metorex announced their interim results this morning, reporting an increase in both copper and cobalt production.

    Metropolitan Holdings (MET) gained 1.48% as shares rose to R15.75, as investors exchanged 452 404 shares in 148 deals.

    After 7 deals totaling 65 000 shares, Brimstone Investment Corporation Limited (BRN) fell 6.09% to sell at R5.40 a share around 12:00.

    PSG Group Limited (PSG) fell to R31.60 a share, a loss of 4.16% after 16 deals traded 35 194 shares.

    Permalink2010-09-07, 12:44:24, by Natalie Email , 1 comment
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    PermalinkPermalink 2010-09-15 @ 09:13

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