Loading...
See More

Miners drag JSE to 8-week lows

Feb 26 2013 14:24 I-Net Bridge


Related Articles

JSE lower‚ awaits GDP numbers

JSE trades higher‚ awaiting budget

JSE flat amid US monetary concerns

JSE strengthens on bargain hunting

JSE steadies after sell-off

Banks‚ platinums lead JSE firmer

 
Johannesburg - General mining stocks pulled the JSE to an eight-week intraday low on Tuesday‚ with the Italian poll gridlock shaking world stock markets.

At 12:45 the All Share [JSE:J203] index was 0.78% weaker at 39 479.40 points‚ with the Top 40 - (Tradeable) [JSE:J200] index losing 0.83% and resources dropping 1.46%.

“The market is significantly weaker on the back of the Italian election news. The narrow margin between candidates equates to an inability for either party to form a significant majority and in turn pass legislature such as austerity measures. The election stalemate bears an uncanny resemblance to the last Greek election and we are seeing similar fears echo through markets as a result‚” said Shaun Murison‚ market analyst at IG SA.

At 13:24 the platinum spot price lost its premium to gold to trade at $1 594 per ounce‚ down 0.81%‚ while gold was flat at $1 594.45 per ounce.

Major European markets were all on the back foot‚ with London’s FTSE 100 down 1.35% at 13:10.

Stockbroker at 28 E Capital‚ Lavan Gopaul‚ said the Italian poll cliffhanger provided the convenient excuse for market players to exit their positions after making good gains.

On the JSE‚ global resources giant BHP Billiton (BIL) was 2.17% weaker at R278.10‚ Anglo American (AGL) was down 1.79% to R262.16 and Aquarius Platinum (AQP) fell 2.37% to R7.83. Sibanye Gold (SGL)‚ however‚ recovered 3.34% to 13.60 after the newly-listed gold miner confirmed that partial production had resumed at the Beatrix 4 Shaft following a fire on February 20.

African Rainbow Minerals (ARI) was down 2.40% to R188.35 after the diversified miner reported a 30% drop in headline earnings to R1.41bn in the six months to December.

Bidvest (BVT) gave up 2.74% to R239.04 and Investec plc (INP) lost 2.03% to R64.83.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

markets; jse
NEXT ON FIN24X

 
 
 

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
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 
 

Every man should be able to do these three things

They might seem basic, but can you do these three things?

 
 

Men24.com

Goalkeeper saves five penalties with his FACE!
Hottie of the day: Jesselyn
This invention makes farts smell like chocolate!
11 things men don’t know about their clothes

Money Clinic

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