Johannesburg - The JSE seriously lacks direction at the moment, as the
major indices continued to drift slowly lower on Tuesday morning.
As is normally the case when the market consolidates after a record-breaking run such as the one towards the end of last month, different sectors perform differently as investors seek trading opportunities.
On Tuesday morning it was the Industrial index’s turn to perform and all the big double-listed conglomerates rose, while the Resources index gave up some of its recent gains.
The end result at midday was that the major indices did not change much. The All-share index was only 0.23% higher at 53 074.54, while the Top 40-index which includes most of the big double-listed shares was unchanged at 43 773.81.
At that stage the Industrial index gained 0.70%, but most of these gains were lost by the Resources index which was 0.71% lower. The Financial index was marginally stronger and traded only 0.16% higher.
On the international markets investors were also taking profit in Europe and Asia after strong runs, with Wall Street the only international market putting up new records.
In New York the focus was on technology stocks with the Nasdaq index finishing above 5 000 on Monday for the first time in 15 years, capping a long-running recovery in the exchange after the dot-com bubble burst spectacularly in 2000.
As is normally the case when the market consolidates after a record-breaking run such as the one towards the end of last month, different sectors perform differently as investors seek trading opportunities.
On Tuesday morning it was the Industrial index’s turn to perform and all the big double-listed conglomerates rose, while the Resources index gave up some of its recent gains.
The end result at midday was that the major indices did not change much. The All-share index was only 0.23% higher at 53 074.54, while the Top 40-index which includes most of the big double-listed shares was unchanged at 43 773.81.
At that stage the Industrial index gained 0.70%, but most of these gains were lost by the Resources index which was 0.71% lower. The Financial index was marginally stronger and traded only 0.16% higher.
On the international markets investors were also taking profit in Europe and Asia after strong runs, with Wall Street the only international market putting up new records.
In New York the focus was on technology stocks with the Nasdaq index finishing above 5 000 on Monday for the first time in 15 years, capping a long-running recovery in the exchange after the dot-com bubble burst spectacularly in 2000.
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