SA’s market looks ‘very bleak’

from iAfrica
Alison Maltz
Mon, 05 Mar 2007

The JSE headed into the red for the year on Monday as concerns about a slowdown in China and the US shook global markets to the core. Lower commodity prices exacerbated the local market’s woes and losses would have been a lot steeper were it not for a sharply weaker rand.

The all share index tumbled 2.51 percent to close at 24 919.460. It was its lowest close since 12 January.

Resources retreated 2.63 percent, the gold mining index surrendered 2.48 percent and the platinum mining index plunged 4.15 percent. Industrials and financials fell 2.12 percent and 2.98 percent respectively, while the banks index dropped 4.24 percent.

The rand was bid at 7.47 per dollar from 7.34 when the JSE closed on Friday, while gold was quoted at $635.50 a troy ounce from $652.40/oz at the JSE’s last close. [continue reading]

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