The JSE stabilised at lunchtime on Wednesday after dropping fairly sharply at the opening, leaving the all share well below the 51,000-point mark before recovering. Shortly after midday the benchmark measure was off just 0.19% at 51,065.80 points, amid pockets of strength in the resources and financial sectors, which kept losses in the overall market in check. Gold stocks rose 2.15%, suggesting a technical rebound following a sharp drop last week during which the controversial revised Mining Charter was gazetted. Financial stocks were mixed, with banks coming under mild pressure. Retailers were generally lower, but off their worst levels in line with a recovery in the rand. The local currency was last at about R13.02 to the dollar from Tuesday’s R13.08. BP Bernstein Stockbrokers trader Vasilis Girasis said the "bears were very much in control thus far", though he added that the local share market looked oversold. "We are looking oversold and should expect some kind of bounce, but th...
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