Share

JSE lower but gold index rebounds

Johannesburg — The JSE was in negative territory in early trading on Friday‚ with the gold sector the sole bright spot.

The 1.1% gain in the gold index followed a 1.74% drop on Thursday‚ after mining output data that showed gold production tumbling more than 11% in September compared with a year earlier amid prolonged strikes‚ which also saw platinum production plunge 17.8%. Total mineral production dropped 8.3% in September.

At 09:40‚ the JSE all share index was trading 0.34% lower at 37 465.18 points with the top 40 index dipping 0.41%. Platinums were the biggest loser‚ shedding 0.86%.

The international environment remained unfriendly to the rand and SA in general‚ Rand Merchant Bank said in a note.

“US markets are continuing to fret about the fiscal cliff‚ with Wall Street ending another 1% down overnight‚” RMB said.

“The European Central Bank is negative on the eurozone growth outlook and has ruled out any fresh aid to Greece‚ but has left the door open for further rate easing.

“On a more positive note‚ Spain managed a large bond issue yesterday. They are now comfortably funded into next year‚” the bank said.

“Commodities prices are mixed. Growth-sensitive commodities such as copper and oil are weighed down by a slight bout of risk aversion‚ while gold remains on an uptrend — heading for its first weekly gain in a month.

“A number of factors are positive for gold‚ including optimism that the US will continue to extend stimulus measures to boost the economy‚ exchange-traded funds holding steady at record highs and a seasonal pickup in demand from India. Momentum is to the upside and the gold price is likely to test highs around US$1 750/oz‚” the bank added.

Among local counters‚ Anglo American [JSE:AGL] was down 1.08% at R260.80 and its rival BHP Billiton [JSE:BIL] was down 0.84% to R271.85.

Gold counters AngloGold Ashanti [JSE:ANG] added 1.89% to R294.40‚ Harmony gained 0.34% to R74.14 and Gold Fields [JSE:GFI] was up 0.3% to R111.95.

Among platinum stocks‚ Lonmin [JSE:LON] fell 6.57% to R60.00‚ Northam Platinum [JSE:NHM] dipped 0.46% to R32.75 and Impala Platinum [JSE:IMP] gave back 0.42% to R153.35.
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
18.93
-0.2%
Rand - Pound
23.90
-0.0%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.1%
Platinum
907.85
+1.2%
Palladium
1,012.25
+1.1%
Gold
2,218.87
+1.1%
Silver
24.85
+0.8%
Brent-ruolie
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
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