The JSE was flat at noon on Monday as investors wait for key economic data this week which is expected to indicate the state of the global economy.
At 12:01 local time the JSE all share index had lost 0.06%, with resources up 0.27%, platinum miners down 0.16% and gold miners 0.12% lower. Banks moved 0.48% lower, financials edged down 0.37%, and industrials fell 0.27%.
The rand was bid at 7.59 to the dollar from 7.65 at the JSE's close on Friday. Gold was quoted at US$1,255.99 a troy ounce from at US$1,254.03/oz at the JSE's previous close, while platinum was at $1,586.50/oz from $1,564.50/oz at the JSE's last close.
Kelvin Algeo, portfolio manager at Imara SP Reid, said there was no specific sector on the JSE that was a feature.
"We have a lot of economic data out this week," Algeo said, noting that investors are waiting for these figures to gain insight into the health of the global economy. The main focus will be on the US June jobs, which is due for release on Friday.
Algeo said investors around the world were concerned about a possible double-dip recession in the US.
A local trader said trading volumes were light, indicating that the market lacked direction. He said there wasn't anything dramatic about what came out of the G-20 meeting at the weekend, with the market generally ignoring the G-20 communique.
Dow Jones Newswires reported that Asian stock markets ended mixed in cautious trade as investors digested the weekend communique from the G-20 nations.
"The G-20 targets (to cut fiscal deficits) are quite aggressive. I think the real concern is can the US really bring its budget deficit under control in three years," said Andrew Sullivan, a sales trader at Main First Securities.
"This is certainly a big week in terms of macro data from the US and a lot of investors are sitting on the sidelines."
The Nikkei Stock Average fell 0.4% in Tokyo, China's Shanghai Composite Index gave up 0.7% and Hong Kong's Hang Seng Index climbed 0.2%.
European stock markets erased their opening gains, but then rallied despite worries about global growth, according to the Dow Jones Newswires reports.
The markets were underwhelmed by the weekend's G-20 meeting, said Ian Williams, strategist at Altium Securities, adding that the generalities stemming from the debate about deficit reduction versus growth promotion look like a typical compromise.
"After last week's shakeout, investors facing a quarter ending on Wednesday and a potentially dangerous US labor-market release on Friday are likely to tread carefully," said Williams, adding that it is becoming difficult to argue that equity indexes remain in a primary uptrend.
Also economic data this week are unlikely to relieve growth concerns, with euro-zone, US and UK consumer and manufacturing confidence indicators likely to post broad-based declines due to a host of factors, said Credit Agricole.
"The data will further indicate a slowing in growth momentum following second quarter 2010, with forward-looking surveys turning lower, albeit gradually," it said.
On the JSE, Anglo rose R2.19 to R286, and BHP Billiton edged up R1.20 to R214.70. But Sasol fell R1.36 to R281.24.
Platinum miner Anglo Platinum shed R4.84 to R762.16, but Lonmin added R2.04 or 1.16% to R177.21, and Impala Platinum edged up 25 cents to R188.15.
Among gold miners, AngloGold Ashanti lost R1.39 to R335.46, but Goldfields gained 30 cents to R104.80.
Diversified miner Exxaro lost 27 cents to R115.20 and Kumba was up R1.03 to R343.08.
Metals group Arcelormittal climbed 56 cents to R78.56.
Among industrials, BAT fell R2.31 to R240.50 and SABMiller lost R1.60 to R223.40.
Telecommunications group MTN declined 70 cents to R106.79 and Vodacom shed R1.89 or 3.06% to R59.90.
In the banking sector Standard Bank lost 30 cents to R104.20 and Nedbank fell seven cents to R125.95, while Absa was off 52 cents to R125.49.
