The JSE was little changed on Monday morning, with losses by banks offsetting gains by miners, amid risk-off trade on global markets.

Tension between the US and Iran was serving to keep trade cautious, with the US indicating it was seeking an international response to Iran's destruction of a US drone last week.

US President Donald Trump has indicated that he will implement new sanctions on Iran, seeking to reduce that country's exports of oil to zero.

Besides the Iranian tensions, the upcoming Group of 20 (G20) meeting brings the trade war between the US and China back on the table, said London Capital Group senior market analyst Ipek Ozkardeskaya in a note. While Trump and Chinese President Xi Jinping are expected to meet at this week’s summit in Osaka, the chances of a trade deal between the two countries remain slim, he said.

At 9.40am the rand was flat at R14.3325/$.

The all share was down 0.08% to 58,896 points and the top 40 0.13%. Banks had fallen 1.31% and general retailers 1.15%. Gold miners added 2.23%.

Gold was up 0.33% to $1,403.27/oz and platinum 0.3% to $812.41. Brent crude was up 0.11% to $65.36 a barrel.

Sasol had given up 0.94% to R368.56.

Rand hedge British American Tobacco was down 0.71% to R505.45 while Richemont had risen 0.55% to R120.76.

Sibanye-Stillwater was up 3% to R15.80.

FirstRand lost 1.73% to R69.26 and Standard Bank 1.48% to R203.25.

Life Healthcare was down 0.13% to R22.56. It said earlier that it raised about R3.7bn by selling its 49.7% stake in Max Healthcare Institute in India.