Picture: JSE
Picture: JSE

THE JSE was lower at midday on Wednesday after the International Monetary Fund (IMF) said on Tuesday that it expected to cut its outlook for the global economy this year.

At 12pm the all share was down 0.48% to 51,995.20 points and the blue-chip top 40 index shed 0.29%.

"The IMF’s latest reading of the global economy shows, once again, a weakening baseline," said the fund’s deputy manager David Lipton.

"While the world economy is still expanding, we are clearly at a delicate juncture, where risk of economic derailment has grown," he said.

It was the third time in the last couple of weeks that the IMF had warned a downgrade was imminent, Dow Jones Newswires reported. The IMF was pushing countries to boost spending where possible as part of a larger economic strategy to help avoid a downturn in world growth, the newswires said.

Gold miners led the all share lower losing 2.37%. Platinums and resources fell 2.36% and 1.50% respectively. Banks were down 1.94% and financials gave back 0.51%. Industrials were steady.

European stocks were higher in the run-up to the European Central Bank meeting on Thursday.

By noon (CAT), the London FTSE 100 had risen 0.25%, the Paris CAC 40 was up 0.85% and the German DAX 30 had climbed 0.72%.

Among individual shares on the JSE, South32’s share price rallied 6.93% to R18.20.

ArcelorMittal tumbled 7.07% to R9.20.

Barloworld slipped 3.29% to R74.86.

Gold Fields retreated by 5.05% to R61.69 and Sibanye was 3.03% lower at R56.10.

FirstRand shed 3.36% to R44.07.

Truworths was down 2.52% to R91.21 The Foschini Group’s share price declined 4.29% to R127.48.

PPC fell 4.26% to R13.72.

Tiger Brands said on Wednesday it had appointed Lawrence MacDougall as CEO. The share price jumped 4.75% to R320.

Sappi fell 4.05% to R58.53.