The JSE ended 385 points in the red on Wednesday, weighed heavily by sharply weaker resources with an opening recovery on Wall Street and a rally in gold counters failing to push the bourse into positive territory.

By 5pm, the JSE all share index had given up 1.80 percent, with resources falling 2.69 percent and platinum miners weakening 2.08 percent. However, gold miners gained 4.50 percent.

Banks were off 2.99 percent, financials gave up 2.39 percent and industrials eased 0.39 percent.

The rand was last bid at 9.90 to the dollar, from 9.67 when the JSE closed on Tuesday. Gold was quoted at $924.65/oz a troy ounce from $912.15 at the JSE's last close, and platinum was at $1042.50/oz from its previous close of $1032.

"Resources are leading the downside. Markets are still disappointed at the outcome of the stimulus package," a local trader said.

"The Dow opened up, we did come off our earlier lows, but remained negative."

"We will have to watch and see what happens in the Dow tonight. If it does manage to stage a recovery, then perhaps we could see local stocks gain momentum in tomorrow's session," he added.

Dow Jones Newswires reports that a strong rebound in financial stocks helped drive the broader market higher on Wednesday, one day after a bank-led sell off that pushed stocks to their lowest point so far this year.

Markets tumbled on Tuesday after Treasury Secretary Timothy Geithner said that the government would use mostly private money to create a fund of at least $500-billion to recapitalise banks and another fund of $1 trillion to support consumer and business lending. The sell off, which carried over to Europe and Asia on Wednesday, suggested that the market wants more detail and clarity on exactly how the plan will work.

Stocks in the US hit the lowest level since 20 November, when it became clear the Bush administration wasn't going to follow through on plans to buy bad assets from banks. Tuesday was the stock market's worst day since 1 December and left stocks down 10.1 percent for the year.

The DJIA was last up 0.83 percent.

On the JSE, resources giant Anglo American lost 6.45 percent to 196.09 rand and BHP Billiton was down 3.60 percent to 185.09 rand.

Petrochemicals group Sasol shed 3.83 percent to 276 rand.

Paper group Sappi weakened 5.46 percent to 28.25 rand and rival Mondi lost 3.45 percent to 28 rand.

ArcelorMittal was down 6.11 percent to 79.10 rand. The group earlier reported a 65 percent rise in headline earnings to R9.5-billion for the year ended December 2008 from R5.7-billion a year ago. This translated into headline earnings per share of 21.20 rand from 12.84 rand a year ago. A final cash dividend of 365 cents per share was declared, up from 196 cents a year ago, bringing the total dividend payout for the year to 707 cents from 2007's 429 cents.

The group said the substantial increase in headline earnings was on the back of higher global steel prices in early 2008, a significantly improved income contribution from the Coke & Chemicals business, and higher gains on foreign exchange transactions and financial instruments.

Highveld Steel was up 3.31 percent to 60.95 rand but Kumba Iron Ore lost 1.01 rand to 174.99 rand.

Among gold miners, AngloGold Ashanti added 5.45 percent to 289 rand, Gold Fields collected 4.41 percent to 110.05 rand and Harmony gained 2.71 percent to 115.50 rand.

Platinum miner Anglo Platinum fell 4.09 percent to 446 rand and Impala Platinum weakened 1.33 percent to 130.25 rand but Lonmin was up 4.49 percent to 158.20 rand.

In diversified miners, African Rainbow weakened 2.32 percent to 124 rand and Exxaro was down 5.48 percent to 69 rand.

Among industrials, brewer SABMiller gave up 1.60 rand to 161.50 rand and British American Tobacco lost 1.39 percent to 262.15 rand.

However, Barloworld firmed 6.46 percent to 36.25 rand and Famous Brands added 4.45 percent to 16.20 rand.

Banker Standard Bank was off 3.31 percent to 74.30 rand, Nedbank lost 3.49 percent to 90 rand, Absa gave up 2.33 percent to 99.50 rand and FirstRand weakened 2.30 percent to 14.85 rand.

Old Mutual gave up 6.24 percent to 8.11 rand and Investec weakened 2.70 percent to 38.90 rand.

RMB Holdings shed 3.91 percent to 23.10 rand and African Bank was down 3.36 percent to 27.35 rand.

Retailer Woolies was off 2.90 percent to 13.40 rand, Truworths lost 1.39 percent to 35.50 rand, Massmart fell 2.45 percent to 79.50 rand and Shoprite gave up 1.92 percent to 53.75 rand.

Spar Group edged up 53 cents to 55 rand. It earlier advised that it experienced a solid trading period for the quarter ended December 2008, with turnover growing 26.1 percent to R8.1-billion on the similar period in 2007. The group said it would release its financial results for the six months ending March 2009 on or about 6 May.

Liberty International was down 1.97 percent to 55.85 rand.

Poultry producer Country Bird firmed 7.44 percent to 2.31 rand. The group earlier reported that its diluted headline earnings per share for the six months ended December 2008 were down 29 percent to 18.43 cents from 25.78 cents for the previous comparative half year.

Packaging group Astrapak put on 3.08 percent to 6.70 rand.

Construction group Group Five was up 2.25 percent to 31.80 rand but Murray & Roberts lost 1.49 percent to 42.85 rand.

Cement manufacturer Pretoria Portland Cement put on 2.02 percent to 32.90 rand.

African Oxygen shed 12.24 percent to 21.50 rand. It advised earlier that in respect of the 12 months ended December 2008 and comparing with the previous 15-month period, the previous corresponding period as a result of the change in the financial year end during 2007, the group's basic earnings per share and headline earnings per share are expected to be between 25 percent and 35 percent below those of the previous corresponding period.

Among telecommunications groups, MTN Group edged up 75 cents to 98.05 rand but Telkom eased 15 cents to 112.25 rand.

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