The JSE lost momentum and ended flat on Wednesday moving in line with frail US markets with resource and gold counters weighing on the back of a strong local currency.

By 5pm, the JSE all share index was flat, up 0.02 percent, with resources giving up 0.40 percent and gold counters falling 2.06 percent. However, platinum stocks added 1.75 percent.

Banks were up 1.18 percent, financials edged up 0.72 percent and industrials were flat, up 0.16 percent.

The rand was last bid at 9.93 to the dollar from 10.04 when the JSE closed on Tuesday. Gold was quoted at $963.90/oz a troy ounce from $990.62 at the JSE's last close, and platinum was at $1043/oz, from its previous close of $1040.

"US futures have lost ground after yesterday's gains," an equities trader said.

"We had a strong open and a sell off towards the end of the day. We are moving in line with weaker world markets.

"The rand is strong and the gold price has come down and that is weighing on these gold counters. Resources have also come under pressure on the back of a strong rand and of course weaker world markets," he said.

Dow Jones Newswires reports that US stocks moved lower after the roller coaster ride of the last two sessions, with the financial sector leading the way down.

Federal Reserve Chairman Ben Bernanke told a Senate panel on Tuesday that he doesn't believe that nationalization of major US banks is needed. Talk about the potential for a government takeover of Citigroup, Bank of America or other ailing lenders had roiled markets recently, and Bernanke's remarks helped push the Dow industrials up 236 points, erasing nearly all of Monday's losses. Bernanke testifies to House lawmakers on Wednesday.

Regulators are expected to begin putting banks through stress tests Wednesday to determine whether they have adequate capital. Shares of many banks gained in early trading. Citigroup, which is reportedly nearing an agreement to convert the US government's holdings of preferred stock in the bank to common stock, was down about 12 percent.

The DJIA was last off 1.82 percent.

Back in Johannesburg, Anglo American lost 6.38 rand, or 4.30 percent, to 142.12 rand but BHP Billiton was up 1.06 rand to 159.89 rand.

Petrochemicals group Sasol gained 6.95 rand, or 2.75 percent, to 259.95 rand.

Paper group Sappi weakened 36 cents, or 1.86 percent, to 19 rand but Mondi collected 44 cents, or 1.95 percent, to 23.05 rand.

Highveld Steel gained 98 cents, or 1.44 percent, to 69 rand but Kumba Iron Ore weakened 1.80 rand, or 1.15 percent, to 155.20 rand.

Among gold miners AngloGold Ashanti shed 7.91 rand, or 2.57 percent, to 299.99 rand, Goldfields gave up 1.68 rand, or 1.55 percent, to 106.88 rand and Harmony was off 1.90 rand, or 1.51 percent, to 124.10 rand.

Platinum miner Anglo Platinum weakened ten rand, or 2.44 percent, to 400 rand and Lonmin was off 25 cents to 142.75 rand, but Impala Platinum was up 4.95 rand, or 3.96 percent, to 129.95 rand.

In diversified miners African Rainbow gave up 1.30 rand, or 1.19 percent, to 107.70 rand and Exxaro was up 74 cents, or 1.12 percent, to 66.99 rand.

Industrial and mining equipment company Eqstra Holdings was down 10 cents, or 1.56 percent, to 6.30 rand. It earlier reported a 3.4 percent rise in diluted headline earnings per share to 77.1 cents for the six months ended December 2008. Basic HEPS were up 3.1 percent to 85.9 cents per share.

As per the pre listing statement no interim dividend was paid.

Revenue was up 33.1 percent to R4.41-billion, while operating profit increased 15.7 percent to R735-million.

Among industrials, brewer SABMiller was off 1.12 rand to 146.19 rand but Barloworld put on 2.40 rand, or 7.25 percent, to 35.50 rand and Bidvest collected 4.24 rand, or 5.05 percent, to 88.24 rand.

Imperial Holdings was down 1.19 rand, or 2.48 percent, to 46.80 rand. It earlier reported a 20 percent decline in diluted headline earnings per share to 406 cents for the six months ended December 2008 from 510 cents a year ago.

HEPS from continuing operations were 4 percent lower at 432 cents from 450 cents before.

The group declared an interim dividend of 80 cents per share.

Banker Standard Bank was up 1.80 rand, or 2.87 percent, to 64.50 rand but Absa lost one rand, or 1.12 percent, to 88 rand.

Sugar group Illovo weakened 45 cents, or 1.80 percent, to 24.55 rand but Tongaat Hulett rose 2.86 rand, or 4.02 percent, to 73.96 rand.

Media group Avusa firmed 70 cents, or 5.26 percent, to 14 rand.

Retailer Woolies collected 38 cents, or 3.21 percent, to 12.20 rand, Pick n Pay added 95 cents, or 3.11 percent, to 31.45 rand, Spar collected 82 cents, or 1.60 percent, to 52.06 rand and Massmart put on 1.55 rand, or 2.22 percent, to 71.25 rand.

However, Truworths lost 37 cents, or 1.14 percent, to 32 rand, Lewis gave up 75 cents, or 2 percent, to 36.75 rand and JD Group fell 46 cents, or 1.51 percent, to 30 rannd.

Liberty International rose 2.41 rand, or 5.36 percent, to 47.36 rand.

Construction group Aveng firmed 95 cents, or 3.79 percent, to 26 rand, Group Five was up 1.25 rand, or 4.59 percent, to 28.50 rand and WBHO gained 1.20 rand, or 1.41 percent, to 86.20 rand.

Murray & Roberts put on 89 cents, or 2.44 percent, to 37.39 rand. It earlier reported diluted headline earnings per share of 302 cents for the six months ended December 2008, up 40 percent from 216 cents a year ago.

Diluted HEPS from continuing operations rose to 309 cents from 209 cents before.

Revenues were up 44 percent to R17.6-billion, while operating profit improved 54 percent to R1.5-billion.

Sea Kay Holdings was up 8 cents, or 8.89 percent, to 98 cents. It earlier said that for the six months ended December 2008, it expected an increase in headline earnings and earnings per share of between 25 percent and 30 percent over the previous corresponding period.

Cement manufacturer Pretoria Portland Cement gave up 30 cents, or 1 percent, to 29.70 rand.

Packaging manufacturer, recycler and distributor Transpaco was unchanged at 5.18 rand. It earlier reported a 101 percent increase in headline earnings per share from 52.6 cents to 105.9 cents for the six months ended December 2008.

Telecommunications group MTN Group was unchanged at 91 rand but Telkom gave up 2.40 rand, or 2.34 percent, to 100.10 rand.

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