• Is Cell C sustainable?

    Is the mobile operator another African Bank in the making, asks Gugu Lourie.

  • Alliances that work

    Mutually adding value secures the employer-employee relationship, says Ian Mann.

  • Without prejudice

    We all need to fight the ugly bigotry that’s made news recently, says Mandi Smallhorne.

See More

Gold miners pull lacklustre JSE higher

Dec 24 2012 10:39 I-Net Bridge

Related Articles

JSE soft on weak world markets

Banks push JSE to another high

Banks nudge JSE to another record

JSE slips on profit taking

JSE off all-time high on US concerns

JSE suspends Simmer and Jack listing

Johannesburg – The JSE was slightly higher on Monday morning amid lacklustre trade the day before Christmas‚ with gold miners providing the most upside and banks the main laggards after a strong performance last week.

At 9:49am‚ the All Share [JSE:J203] index had added 0.14% to 39‚180.75. Gold miners lifted 1.40%‚ while banks gave back 0.14%.

“The Dow Jones (industrial average) has lost 2.5% of its value recently‚ while the JSE has just gone up and up‚” Cassie Treurnicht‚ research analyst at Gryphon Asset Management in Cape Town‚ said.

“One would have expected the JSE also to shed value in line with the Dow‚ but it did not‚ with no correlation seen between the two markets.

“US investors have probably invested money in the JSE because money has to be on the table somewhere and emerging market yields‚ such as our own‚ are looking better than developed market yields. But a correction is on the table for the JSE in the near future‚” Treurnicht said.

“Gold stocks have been very weak as of late due to a stronger rand‚ and the rand gold price also declining‚ which has contributed to gold miners’ weakness‚” he said.

“Stocks such as Anglo American and BHP Billiton have experienced strong gains‚ due to news that China’s economy has started to turn around‚ which has had a positive influence on diversified miners in general.

“The vote on the US fiscal cliff issue has been cancelled and we are not going to see a resolution soon‚ and that has pushed the US markets down from Wednesday to Friday last week‚ with money being taken off the table‚” he said.

“US futures are also trading 0.5% lower this morning. However‚ the general belief is that there will be an ultimate resolution in January or February.”

Local markets are open half-day on Monday‚ and are then closed on Tuesday and Wednesday for the Christmas and Day of Goodwill holidays. They will reopen on Thursday‚ December 27.

Hong Kong’s Hang Seng index closed a tad higher‚ up 0.16% at 22‚541 points‚ while Japanese markets were closed for a holiday.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

jse  |  markets


JSE makes modest gains

2015-01-26 14:05


Latest Articles

15 Investment Tips for 2015
Tax-free saving accounts are coming
Which generator is right for you?
5 top tips to help you save on your next grocery bill Read More...

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...