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Johannesburg - Industrials and gold shares helped to counter broadly negative sentiment in the platinum sector to keep the all share index in positive territory at noon on Monday.
At 12:18‚ the JSE All Share index had edged up 0.13% to 40 285.82 points‚ led by a 0.48% gain in industrials‚ while the platinum index gave up 1.67%‚ weighed mainly by continuing losses in Anglo Platinum [JSE:AMS] (Amplats) and Impala Platinum [JSE:IMP] since last Friday.
“Amplats’ revised restructuring has triggered a wave of selling in the sector because of perceived political pressure on the company‚” said Ryan Wibberley‚ equity dealer At Investec Asset Management.
The world’s largest platinum producer said on Friday it would reduce job losses to 6‚000 instead of the 14 000 originally envisaged‚ adding that production capacity would be cut by 250 000oz this year instead of the 400 000oz initially announced.
Top European shares were mostly weaker at noon‚ with London’s FTSE 100 down 0.28% while US stock futures suggested that Wall Street would open lower later in the day.
Among individual stocks on the JSE‚ Amplats lost 4.85% to R314 after losing more than 4% on Friday and Impala Platinum (IMP) was down 3.65% to R105.98.
Harmony Gold Mining (HAR) was up 2.48% to R41.25‚ while Exxaro Resources (EXX) was off 1.11% to R138.79.
MTN Group (MTN) was up 1.36% to R175.91 and Telkom (TKG) lifted 2.17% to R13.19.
African Bank Investments lost 2.61% to R22.01 and Capitec (CPI) gave up 1.68% to R211.50.
