JSE slips after fresh record peak

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By Andries Mahlangu

Johannesburg‚ Dec 3 (I-Net Bridge) - The JSE kicked off a new month on a downbeat note on Monday‚ after the all share index added more than 2% last month to close at a fresh record peak on Friday‚ led by industrial stocks.

At 9.36am‚ the all share index was down 0.32% at 37‚984.49 points‚ with the top 40 index slipping 0.39%. Gold stocks led the downside‚ dropping 1.19%.

"It is a cautious start to the session after reaching new highs yet again on Friday. The backdrop for commodity-based stocks‚ however‚ remains positive following the uptick in the Chinese manufacturing data although we still need to see a firmer trend‚" said Devin Shutte‚ a trader at stockbrokerage‚ Newstrading.

China's official purchasing managers index rose to a seven-month high of 50.6 in November‚ up from 50.2 in October.

Leading Asian stocks were mixed‚ with Japan's Nikkei 225 closing 0.13% higher and the Hang Seng index in Hong Kong losing 0.72%.

Among individual stocks on the JSE‚ Lomin (LON) was up 3.31% to R38.43‚ but Gold Fields (GFI) dropped 1.55% to R108.50 and Harmony Gold Mining (HAR) slipped 1.36% to R68.99 and Telkom (TKG) lost 1.42% to R15.23.

-I-Net Bridge

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