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Mining stocks limit JSE gains

Johannesburg - Platinum and gold stocks extended losses on Friday‚ curbing gains in the broader market in what looks set to be a positive week thus far.

At 12:39‚ the JSE All Share [JSE:J203] index was broadly flat (0.09%). But gold and platinum indices shed 1.52% and 2.33% respectively‚ with a sizable loss in Anglo American Platinum (AMS‚ Amplats) after its poorly received job-cutting plan.

The world’s largest platinum producer‚ in consultation with stakeholders‚ will reduce job losses to 6‚000 instead of the original 14 000 announced.

“The market sense is that Amplats has bowed to government pressure‚” said Ryan Wibberley‚ equity dealer at Investec Asset Management. “The potential risk for the company is the rising cost of production.”

For the week though‚ the all share index is up 2%‚ driven mainly by industrial stocks.

Equities as an asset class was an investment destination that attracted more liquidity than other asset classes from major central banks‚ said Wibberley.

Elsewhere‚ top European shares were firmer at noon‚ with London’s FTSE 100 lifting 0.52%.

Among individual stocks on the JSE‚ Amplats lost 3.19% to R334 and Impala Platinum (IMP) was down 2.17% to R113.04.

Volatile gold stocks were also lower‚ with Sibanye (SGL) losing 2.17% to R8.57 and Harmony Gold (HAR) giving up 2.60% to R41.98.

ArcelorMittal SA rose 4.11% to R26.60 after SA’s biggest steel producer forecast an improvement in its second fiscal quarter‚ following a headline loss of R270m in the three months to March.

Big cap industrial stocks such as British American Tobacco (BTI) gained 1.24% to 520.62 and MTN (MTN) lifted 1.73% to R173.02

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Rand - Pound
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Rand - Euro
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Rand - Aus dollar
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