Bourse cuts gains, ends weak

THE JSE reversed earlier gains to finish the session lower yesterday as a last-ditch attempt to form a coalition government in Greece failed, hitting global market sentiment.

At 5pm, the JSE all-share index was down 0.14% to 33 486.08 points, with gold miners tumbling 2.54%, platinum miners dropping 1.10% and resources shedding 0.72%. Financials were down 0.39%, banking stocks were off 0.64%, while industrials gained 0.37%.

The rand slid to 8.27 to the US dollar, from 8.17 at JSE’S close on Monday.

Gold was quoted at $1 552.41 a troy ounce from $1 562.62/oz at the JSE’S previous close, while platinum was at $1 445/oz, from $1 449.50/oz at the previous session.

“The collapse of Greek coalition talks will prolong uncertainty in the financial markets which until recently had been driven by liquidity injection from the central banks, not so much from economic fundamentals,” said a market analyst. — I-net Bridge