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Miners pull JSE to two-week low

Feb 14 2013 13:47
I-Net Bridge
Johannesburg - The JSE slipped to a two-week intraday low on Thursday‚ led down mainly by mining shares.

At 12:38 the All Share [JSE:J203] index was 0.61% lower at 40 559.75 points‚ with the Top 40 - (Tradeable) [JSE:J200] shedding 0.70% and platinums sliding 3.35%‚ effected mainly by a big drop in Impala Platinum’s (IMP’s‚ Implats’) share price after it released interim results earlier in the day.

“It is a heavy week in corporate news domestically. Stock specific news is driving market sentiment‚ with Implats and Woolworths a case in point‚” said Ryan Wibberley‚ equity dealer at Investec Asset Management.

Implats‚ which is the world’s second-largest platinum producer‚ was down 5.55% to R156.91 after reporting a 78% fall in headline earnings to R776m for the interim period to end-December because of lower production in SA.

Retailer Woolworths (WHL) dropped 4.62% to R64.05 after posting a 22% rise in its headline earnings per share to 160.2 cents for the 26 weeks ended December. “It is classic case of buying the rumour and selling the fact when its comes to Woolworths after the run-up in the lead-up to the results‚” said Wibberley.

Among other individual shares on the JSE‚ Sibanye Gold (SGL) continued its strong run since its listing on the local bourse this week‚ adding more than R1bn to its market value this week alone. The counter was up 6.89% today to R16.14.

Construction stock Aveng (AEG) jumped 4.51% to R31.52.

Elsewhere‚ European markets were generally weaker with‚ London’s FTSE 100 down 0.45% at noon SA time.

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jse  |  markets

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