• BEE winners and losers

    Creating real change and real jobs requires a new ideology, says Gerhard Papenfus.

  • Governance matters

    Addressing risk well and timeously can be a source of growth, says Ian Mann.

  • Road to riches

    Taxpayers keep funding structures with big plans but who knows what efficacy, says Mandi Smallhorne.

See More

Platinum sector weighs on JSE

Jan 16 2013 17:59 I-Net Bridge

Related Articles

JSE flat as mines face pressure

JSE flat as banks weigh

Platinums give JSE a boost

Industrials‚ platinums weigh on JSE

JSE flat at noon‚ platinums drag

Retailers weigh on JSE

Johannesburg – The platinum sector dragged the JSE down on Wednesday as foreign investors feared that the shaft closures and consequent job losses announced by Amplats would lead to continued stained industrial relations in the mining sector.

At 17:00‚ the All Share [JSE:J203] index was down 0.08% to 39 879.99‚ with the platinum index dropping by 3.70%‚ while industrials were up 0.42%.

“The JSE was hurt by the platinum sector today. That may have resulted in foreign selling after they bought into the recovery in our market in the first two weeks of the year‚” said Hennie Fourie‚ a stockbroker at PSG Konsult.

In the year to January 11‚ foreigners were net buyers of R2.535bn worth of local shares‚ compared with net sales of R2.951bn for the corresponding period in 2012.

In 2012 foreigners sold a net R3.351bn worth of SA equities.

For 2011‚ foreigners were net sellers of R17.184bn worth of local shares‚ compared with net purchases of R36.410bn for 2010.

The platinum spot price surged to a three-month intraday high on Tuesday amid potential supply constraints after Anglo American Platinum (AMS) said it was putting four shafts on care and maintenance‚ but it lost 0.36% on Wednesday.

At 17:00 the platinum price was $1‚676/oz compared with $1‚691.50/oz at 17:00 on Tuesday.

At 17:00 leading European indices were mainly in the red with London’s FTSE 100 off 0.34%‚ and the Dow Jones Industrial index was 0.42% weaker.

Among individual shares on the JSE‚ Anglo American (AGL) shed 2.04% to close at R269.79‚ while BHP Billiton (BIL) lost 0.47% to R290.75.

Anglo American Platinum (AMS) slumped by 5.91% to close at R458.20 and Lonmin (LON) dropped 4.12% to R46.50‚ but Aquarius (AQP) added 3.72% to R10.32.

Bidvest (BVT) gave up 1.42% to R210.70‚ and Datatec (DTC) shed 7.07% to R46 on disappointing earnings forecasts.

Industrial holding group Remgro (REM) gained 0.99% to R166.

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

jse  |  markets



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
Add your comment
Comment 0 characters remaining

Company Snapshot

We're talking about:


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.

This is the most expensive burger in the world!

You won't believe how much someone was prepared to pay for this burger!


Luxury living

Exclusive food items that WILL break the bank
Top 10 most expensive homes in the world
You can permanently live on a ship and sail the world!
These are the richest people on the planet!

Money Clinic

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

Voting Booth

How will you manage Vodacom’s price hike for contracts?

Previous results · Suggest a vote