Share

Gold shares lead JSE lower

Johannesburg - Stocks on the JSE ended lower for the second straight session on Wednesday, with gold mining shares among the biggest decliners as the price of bullion slid to its lowest in more than three months.

Industry leader AngloGold Ashanti [JSE:ANG] declined 2.8% to R160.86, while Harmony Gold [JSE:HAR] tumbled 4.1% to R28.82 and Gold Fields [JSE:GFI] lost 3.1% to R38.05.

Investors have become increasingly bearish, believing the market's recent strong run - the main indices hit several records highs this month - was not justified by corporate earnings prospects.

"If you look at what's been happening in our economy with the strikes and some uncertainty around the elections, we've done extremely well but the markets are stretched," said Patrice Rossou, head of equities at Sanlam Investment Management.

The JSE All-share index fell 0.27% to 49 690.58 points and the benchmark Top-40 index was off 0.28% at 44 732.26 points.

Platinum shares were also under pressure after the newly appointed mining minister said talks to end the four-month wage strike in the world's top producer of the white metal have broken down.

Among gainers, Tiger Brands [JSE:TBS] was up 1.6% to R296.83 after brokerage Credit Suisse raised its ratings of the consumer foods maker to 'neutral' from 'underperform'.

Private hospital firm Netcare [JSE:NTC] gained 1.1% to R28.52 after Goldman Sachs started research coverage of the company with a 'buy' rating.

Advancers outnumbered decliners 156 to 158, according to preliminary bourse data, with an average 171 million shares changing hands.
 
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.90
+0.2%
Rand - Pound
23.86
+0.2%
Rand - Euro
20.39
+0.2%
Rand - Aus dollar
12.31
+0.2%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
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