• 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

  • Rich getting richer

    Economists differ on how to tackle the chasm between rich and poor, says Leopold Scholtz.

Loading...
See More

JSE lower but gold index rebounds

Nov 09 2012 10:44

Related Articles

World stocks sag on US fiscal fears

Gold jumps over $10 on Iran fears

Strike over at Buffelsfontein mine

A new way to go for gold

Gold rallies as Obama gains ground

AngloGold profits slump 49% on strikes

 
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.
equities  |  jse

 
 
 

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
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Business tips from the world’s billionaires

We share some of the world's most successful people's greatest tips and who knows, this might just lead you to your first million!

 
 

Luxury living

5 millionaires turned murderers
The youngest billionaires in the world and how they made it
Watch: Flying first class has never been this luxurious!
What to expect inside a royal nursery

Money Clinic

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

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...