Wednesday, 15th October 2008 at 8:50 pm
JSE looses 7% today

After gains achieved in the last two days on the JSE, those gains were wiped out today as the local bourse lost nearly 7% following severe drops in overseas markets amid renewed fears of a global economic slowdown even after massive bank bailouts. Resources and platinum miners were the hardest hit, plummeting by more 11% and 13% respectively, as fears of global economic slowdown hit platinum group metals prices and all other base metals. Meanwhile investors still look towards gold as a safe haven but gold shares were unable to capitalise at the end of the day.

The all share index ended 6.99% in the red today, or 1 545 points, at 20 571.87, edging closer to breaching that 20 000 mark. Banks lost 1.26%, financials were down 2.91% and industrials shed 4.62%.

The rand was bid at R9.41/$ from R8.97 when the JSE closed on Tuesday, while gold was last quoted at $845.80 a troy ounce from $841.35/oz at the JSE’s last close.

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