Share

Dollar continues to hammer JSE commodities

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
loading...
Loading, please wait...
The new JSE logo. (Supplied)
The new JSE logo. (Supplied)

Johannesburg - The negative effect of the strong dollar on commodity prices was again evident on Tuesday morning, and gold and platinum shares in particular continued the sharp downward move of the past few days on the JSE.

Since the gold price started to lose ground as gold is no longer regarded as a safe haven when the dollar is very strong, some of the big gold shares on the JSE lost almost a fifth of their value in only seven days.

READ: Gold loses safe haven appeal

And the picture does not look much better among platinum shares where Lonmin [JSE:LON] is the biggest loser, falling 18.35% over the last seven days.

The result was that the All-share index on the JSE, which was still flirting with record levels on Friday, was lower for the second consecutive day on Tuesday morning.

By midday on Tuesday the All-share index lost 0.51% to 52 345 points while the Top 40-index traded 0.53% lower at 46 397 points. The Financial index was 0.47% lower and the Industrial index lost 0.21%, but the Resources index slipped 1.51%.

Attention is focused on resources prices where gold - which recently traded above R1 200 per ounce - lost another 0.7% to trade at only R1 158.70. The platinum price was another 1.33% lower at R1 134.75. The price of Brent crude lost another 1.43% and is now again solidly below $60 per barrel, trading at $57.73 at midday.

Read this for free
South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism. Join our free subscription trial to unlock this story and a world of news aimed to inform, empower, and inspire.
Try our free 14-day trial
Already a subscriber? Sign in
heading
description
username
Show Comments ()
Rand - Dollar
19.02
-0.6%
Rand - Pound
24.00
-0.4%
Rand - Euro
20.52
-0.3%
Rand - Aus dollar
12.35
+0.0%
Rand - Yen
0.13
-0.6%
Platinum
900.40
+0.4%
Palladium
998.40
-0.3%
Gold
2,212.97
+0.8%
Silver
24.70
+0.2%
Brent Crude
86.09
-0.2%
Top 40
68,068
+0.6%
All Share
74,264
+0.5%
Resource 10
56,909
+2.2%
Industrial 25
103,553
+0.3%
Financial 15
16,463
-0.4%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders