Publications
Partners
“The deaths at Lonmin [JSE:LON] dominated global business news. The stock started the day over 5% lower but has since regained much of these losses. That said it is still over 10% lower than the it was at 2pm yesterday before news of the deaths broke. Amplats and Implats are trading lower. We have also seen the price of platinum spike‚” said Viv Govender‚ market watcher at Vunani Private Clients.
At 12:11, the JSE All Share Index [JSE:J203] was 0.42% down at 35 592.19 points. Platinum miners lost 0.69% and banks gave up 0.67%. Gold miners was the only index to show gains with a 0.17% rise.
Lonmin‚ having dropped over 6% in opening trade‚ recovered some of those losses to trade 0.32% down at R83.43. More than 30 miners were shot dead by the police at the Lonmin mine in Marikana in Rustenburg‚ Police Minister Nathi Mthethwa said on Friday.
AngloGold Ashanti [JSE:ANG] gained R4.23‚ or 1.48%‚ to R290.00. Harmony [JSE:HAR] dropped R3.99‚ or 4.66%‚ to R81.72.
“SA is the worlds largest producer of platinum thus any negative news around our mines is likely to have a significant impact on prices. Harmony is trading 4% lower for the day. The company released results yesterday‚ posting a loss of 20 cents per share; expectations were for a slight profit. It also cut long term production estimates‚” Govender said.
In banks‚ Absa Group Limited [JSE:ASA] gave up R1.76‚ or 1.23%‚ to R141.30.
On the retail front‚ Woolworths Holdings Limited [JSE:WHL] fell by R1.76‚ or 3.12%‚ to R54.74 and Truworths International Limited [JSE:TRU] dropped R3.98‚ or 3.86%‚ to R99.02. Shoprite Holdings Limited [JSE:SHP] gave up R4.23‚ or 2.63%‚ to R156.76.
“The retail and banking sectors appear hard hit this morning‚ following disappointing interim results (at least cost growth) from Standard bank and Truworths yesterday‚” said Patrick Mathidi‚ a market commentator from RMB Asset Management.
In construction Aveng [JSE:AEG] lost 82 cents‚ or 2.38%‚ to R33.58‚ while Hulamin [JSE:HLM] improved 12 cents‚ or 3.13%‚ to R3.95. M&R Holdings [JSE:MUR] lost 35 cents‚ or 1.49%‚ to R23.13.
“Trading updates from construction groups Wilson Bayly and Murray and Roberts are providing mixed fortunes for the sector this morning‚ with M&R down‚ WBO up and Aveng down heavily‚ leaving the sector mixed to negative‚” Mathidi said.
