The JSE was lower at lunchtime on Tuesday, with mining stocks dragging the market lower.The all share was off 0.33% at 59,623.40 points, as the resources index shed 1.83% amid lower commodity prices and a slightly stronger rand.The retreat in mining stocks coincided with weaker than expected data from China, which is the world’s top consumer of resources. Still, resource stocks have had a tremendous run on the JSE since June, leaving them vulnerable to profit-taking on a short-term basis.Herenya Capital Advisors trader Petri Redelinghuys said he would continue to maintain exposure to the resource sectors because of global growth, which he said was in good shape.Big industrial stocks were mostly lower, partly hurt by the recovery in the rand. Financial stocks held up for the second day in a row despite local politics playing out negatively for the rand and local bonds over the past few weeks.Among the companies in focus, Consolidated Infrastructure lost a whopping 64% of its value, a...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.