The JSE ended deep in the red on Monday, weighed by resource counters which lost momentum on the back of weaker metal prices.

Gold stocks, the only index to end in positive territory, failed to push the bourse into the black.

By 5pm, the JSE all share index had given up 2.62 percent. Resources fell 3.41 percent and platinum miners shed 1.99 percent. However, gold counters edged up 0.28 percent.

Banks were down 2.05 percent, financials gave up 2.08 percent and industrials were off 1.87 percent.

The rand was last bid at 10.57 to the dollar from 10.44 when the JSE closed on Friday. Gold was quoted at $927.25/oz a troy ounce from $934.40/oz at the JSE's last close, and platinum was at $1054/oz from its previous close of $1072.50/oz.

"We have come under pressure - I didn't expect our market to take such a pounding today," a trader said.

"The resource counters are taking a big battering on the back of softer metal prices. There is just a lack of buying interest at the moment.

"Last week we held up pretty well, better than the developed economies, and now this week it's all falling apart, we are under-performing," he said.

Dow Jones Newswires reports that US stocks were narrowly mixed on Monday after four straight weeks of losses that have pushed major market indexes to 12-year lows.

Observers continued to express concern about the global economic outlook. Warren Buffett said in an interview on CNBC television that the economy has "fallen off a cliff". The World Bank said the global economy is likely to shrink for the first time since World War II. Global industrial production by mid-2009 could be as much as 15 percent lower than 2008 levels, it said.

At the time the JSE closed, the DJIA had edged up 0.36 percent.

Among equity movers on the JSE, Anglo American was down 5.95 percent to 143.99 rand and BHP Billiton lost 3.44 percent to 168.49 rand.

Petrochemicals group Sasol fell 6.11 percent to 246.47 rand. The group earlier reported a 51 percent increase in its first half headline earnings per share to 21.92 rand.

The petrochemical giant recorded a 45 percent increase in earnings attributable to shareholders to R13.2-billion for the six months to end December 2008 from R9.1-billion for the corresponding six month the year before.

Operating profit, which was buoyed by higher average crude oil prices, was 53 percent higher at R21.5-billion from R14-billion in the comparable period the year before.

ArcelorMittal weakened 5.65 percent to 66.99 rand, Highveld Steel gave up 2.18 percent to 67.30 rand and Kumba Iron Ore was down 10.31 percent to 148 rand.

Gold miner AngloGold Ashanti was up 1.07 percent to 316.85 rand and Gold Fields added 99 cents to 115 rand but Harmony lost 2.34 percent to 116.70 rand.

Among platinum miners, Impala Platinum was off 3.47 percent to 125 rand and Lonmin fell 3.33 percent to 159.51 rand.

Elsewhere on the JSE, brewer SABMiller lost 5.24 percent to 134.08 rand, Barloworld was off 8.30 percent to 26.50 rand, Bidvest weakened 1.90 percent to 77.50 rand and British American Tobacco lost 5.11 percent to 237.11 rand.

However, Famous Brands was up 2.22 percent to 13.80 rand.

Banker Absa lost 5.41 percent to 76.90 rand and FirstRand gave up 3.40 percent to 11.35 rand.

Nedbank weakened 6.29 percent to 65.60 rand. It was announced earlier that Fitch Ratings had assigned Nedbank Limited's issue of $100-million subordinated, dated tier 2 floating- rate notes a Long-term rating of 'BBB'. The notes were issued on 3 March 2009 under Nedbank's European medium-term note programme and have a maturity date of 3 March 2022. The date of the first call is 3 March 2017. Nedbank has a Long-term IDR of 'BBB+', Outlook Negative.

Financial services group Old Mutual lost 5.33 percent to 4.80 rand and Investec gave up 2.19 percent to 27.20 rand but Sanlam was up 3.95 percent to 14.49 rand.

Investment company Grand Parade Investments (GPI, GPL) was up 15.56 percent to 2.08 rand. It earlier reported an eight percent rise in headline earnings to R48.9-million for the six months ended December 2008.

However, headline earnings per share declined by 16 percent to 10.54 cents as a result of additional shares issued.

In keeping with GPI's strategy, dividends will only be considered at year end.

The JSE Group, which controls the Johannesburg Stock Exchange, was down 3.04 percent to 38 rand.

The group earlier reported a 56 percent rise in headline earnings per share from 292.1 cents to 456.9 cents for the year ended December.

Headline earnings for the 12 months were R389-million versus R248-million the previous year.

Revenue increased 22 percent from R877.4-million to R1.072-billion.

Media group Naspers was off 3.84 percent to 138.37 rand but Avusa collected 4.09 percent to 14 rand.

Retailer Woolies gave up 8.47 percent to 10.05 rand, Pick n Pay was off 4.09 percent to 28.12 rand, Foschini fell 4.82 percent to 35.12 rand and Steinhoff fell 7.20 percent to 9.28 rand.

Liberty International gave up 5.38 percent to 42.01 rand.

Construction group WBHO weakened 2.91 percent to 83.50 rand and Basil Read was down 6.19 percent to 10.60 rand.

Food group AVI gave up 3.38 percent to 15.15 rand. It earlier reported diluted headline earnings per share from continuing operations of 102 cents per share, up 11 percent from 91.5 cents a year ago.

An interim dividend of 36 cents per share has been declared. Revenue from continuing operations was up 18 percent at R4.0-billion, while operating profit from continuing operations grew 16 percent to R535-million.

AVI said demand for its brands remained strong in the six months to December 2008, with sales volumes maintained or increased in most categories.

Consumer goods company Amalgamated Appliance Holdings was unchanged at 1.20 rand. It earlier reported a headline loss per share of 23.7 cents for the six months ended December 2008 compared with a loss of 6.7 cents a year earlier.

The group said the trading environment in the consumer goods sector during the reporting period was characterised by fierce competition between distributors for a share of the smaller market, and tight stock controls exercised by retailers.

The combined effect resulted in sales in the fourth quarter of the calendar year being below expectations.

Group revenue for the period was 33 percent lower at R612.5-million compared to the prior year, primarily as a result of lower television and audio sales. Gross margins were lower due to the write down of the power inverter stock by an additional R74.5-million and the clearing out of excess audio and television stock.

Building materials group Iliad Africa put on 1.11 percent to 6.35 rand. It earlier reported that its diluted headline earnings for the year ended 31 December 2008 were at 175.0 cents, up seven percent, from the 163.4 cents reported for the previous comparable period.

The directors have maintained the distribution to shareholders by paying a cash dividend of 52 cents per share (2007: distribution of 52 cents per share).

Turnover was at R4.6-billion, up 10 percent from the R4.2-billion reported for the previous year. Operating profit before investment income rose two percent to R354 397 from R347 433 in 2007.

Glass and aluminium components manufacturer and distributor AG Industries weakened 3.33 percent to 29 cents. It earlier reported a headline loss per share of 0.8 cents for the six months ended December versus loss of 2.6 cents per share for the previous comparative half-year a 69 percent improvement.

The group attributed this to steps taken to improve operational efficiencies.

The group increased its revenue by four percent to R646-million (2007: R621-million), with the Extrusion and International Divisions experiencing volume growth for the six-month period.

Telecommunications group MTN Group weakened 10 cents to 84.40 rand and Telkom was up 50 cents to 98.50 rand.

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