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Johannesburg - South African stocks took a beating on Monday as all the main indices on JSE closed in the red.
Losses in gold and platinum shares were due to a stronger dollar environment and labour concerns in the mining sector in general.
At 17:00‚ the JSE All Share [JSE:J203] index ended 0.81% weaker at 41 079.55 points‚ with the Top 40 - (Tradeable) [JSE:J200] blue chip index dipping 0.62%.
General retailers and gold indices shed 4.15% and 3.43% respectively and banks and platinums gave back 2.99% and 2.37% respectively.
In overseas markets European bourses were mainly firmer in late trade with London’s FTSE 100 up 0.24% at 17:00 local time‚ while the US’s Dow Jones industrial average was flat (-0.06%) at the same time.
US stock benchmarks traded mixed on Monday morning‚ taking a breather from their broad multiweek rally‚ Dow Jones Newswires reported.
Investors will be looking ahead to Wednesday‚ when Federal Reserve Chairman Ben Bernanke will testify to Congress and the Fed will release the minutes of its most recent policy-setting meeting‚ according to the newswire.
The National Union of Mineworkers (NUM) confirmed weekend reports of the submission of its wage demands to the Chamber of Mines for the 2013 wage negotiations.
The union has demanded that surface workers should receive a minimum salary of R7 000 and underground and opencast workers’ minimum should be set at R8 000 per month. For all other categories‚ the NUM has demanded an increase of 15%.
“The timing of these wage-increase demands is particularly worrying as gold prices have tumbled‚ down around 19% year to date and have declined more than 7% this month and near 8% last month‚” said Ishaq Siddiqi‚ market strategist at ETX Capital in London.
Among individual shares on the JSE‚ AngloGold Ashanti (ANG) shed 4.15% to R155.28‚ Harmony (HAR) gave back 3.60% to R34.56 and junior miner Gold One International (GDO) plummeted 13.64% to R1.90.
Anglo American Platinum (Amplats‚ AMS) shed 3.75% to R278.50 and Lonmin (LON) gave up 3.01% to R38.
Banking player Abil (ABL) fell 17.38% to R17.40 after the unsecured lender on Monday posted a 26% decline in half-year profit to March‚ while rival Capitec (CPI) ended 3.51% softer at R193. Absa (ASA) retreated 5.02% to R145.20.
Among retailers‚ JD Group (JDG) shed 5.52% to R31 and Truworths (TRU) ended 6.33% down at R86.44.
Vodacom (VOD) ended 1.14% softer at R114.50 after on Monday reporting a 23% increase in headline earnings per share in the year ended March to R8.72.
Losses in gold and platinum shares were due to a stronger dollar environment and labour concerns in the mining sector in general.
At 17:00‚ the JSE All Share [JSE:J203] index ended 0.81% weaker at 41 079.55 points‚ with the Top 40 - (Tradeable) [JSE:J200] blue chip index dipping 0.62%.
General retailers and gold indices shed 4.15% and 3.43% respectively and banks and platinums gave back 2.99% and 2.37% respectively.
In overseas markets European bourses were mainly firmer in late trade with London’s FTSE 100 up 0.24% at 17:00 local time‚ while the US’s Dow Jones industrial average was flat (-0.06%) at the same time.
US stock benchmarks traded mixed on Monday morning‚ taking a breather from their broad multiweek rally‚ Dow Jones Newswires reported.
Investors will be looking ahead to Wednesday‚ when Federal Reserve Chairman Ben Bernanke will testify to Congress and the Fed will release the minutes of its most recent policy-setting meeting‚ according to the newswire.
The National Union of Mineworkers (NUM) confirmed weekend reports of the submission of its wage demands to the Chamber of Mines for the 2013 wage negotiations.
The union has demanded that surface workers should receive a minimum salary of R7 000 and underground and opencast workers’ minimum should be set at R8 000 per month. For all other categories‚ the NUM has demanded an increase of 15%.
“The timing of these wage-increase demands is particularly worrying as gold prices have tumbled‚ down around 19% year to date and have declined more than 7% this month and near 8% last month‚” said Ishaq Siddiqi‚ market strategist at ETX Capital in London.
Among individual shares on the JSE‚ AngloGold Ashanti (ANG) shed 4.15% to R155.28‚ Harmony (HAR) gave back 3.60% to R34.56 and junior miner Gold One International (GDO) plummeted 13.64% to R1.90.
Anglo American Platinum (Amplats‚ AMS) shed 3.75% to R278.50 and Lonmin (LON) gave up 3.01% to R38.
Banking player Abil (ABL) fell 17.38% to R17.40 after the unsecured lender on Monday posted a 26% decline in half-year profit to March‚ while rival Capitec (CPI) ended 3.51% softer at R193. Absa (ASA) retreated 5.02% to R145.20.
Among retailers‚ JD Group (JDG) shed 5.52% to R31 and Truworths (TRU) ended 6.33% down at R86.44.
Vodacom (VOD) ended 1.14% softer at R114.50 after on Monday reporting a 23% increase in headline earnings per share in the year ended March to R8.72.
