Thursday, 20th November 2008 at 9:57 pm
JSE hits 3 year low

The JSE closed 5.02% in the red today (Thursday). This has resulted in a three year low for the all share index as it touched 17 814 points. The drop in the JSE was attributed to weak Dow and other global markets, which remained down under the weight of negative conditions. Analysts are saying that this drop in the local market is part of a broader correction and they expect the drop to continue.

The JSE was also not helped by news that Impala Platinum has suspended its share buy-back programme. Shares in Impala, the world’s second-largest platinum producer, fell 17% today.

Looking at the rest of the market: Platinum stocks lost 16.51%, Resources were down 9.82% while gold miners shed 6.67%. Industrials were down 2.16%, banks lost 2.12% and financials gave up 1.56%.

It looks the markets all across the world are in the red and this is rubbing off onto the JSE.

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