Local markets (25.5)

After as strong start, the JSE surrendered its gains to end in the red yesterday, dragged down by a rallying rand, reports RMB AM.

The losses came despite firmer world markets.

The All Share Index closed 1,66% softer. Resources retreated 2,24%, the Gold Mining Index tumbled 2,23%, and the Platinum Mining Index eased 0,48%. Financials and banks fell 1,78% and 2,16% respectively, while the All Share Industrial Index lost 0,9%.

One dealer said that were up more than 1% at one stage, but since about 11am, the gains were whittled away. The rand was thus acting against them.

Most overseas markets are holding onto their gains, buoyed by Saudi Arabia's proposal to up oil production.

The dealer also said that there was no fresh news to drive the market, yet volumes were reasonable. Futures guys were buyers but they have now turned sellers.

Bonds were softer in muted late afternoon trade yesterday, but off the day's worst level as the market awaited a mass of data due later in the week.