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Johannesburg - The JSE opened firmer on Tuesday morning as losses in platinum stocks were offset bay gains in gold miners and industrials.
The platinum index continued its fall on Tuesday morning‚ after the world’s third-largest platinum producer‚ Lonmin [JSE:LON]‚ said on Tuesday morning that work at all 13 of its shafts had been suspended after employees embarked on a wildcat strike.
At 9:09am‚ the JSE All Share [JSE:J203] index was 0.24% firmer at 40‚502.26 points‚ with the platinum index the biggest loser‚ shedding 1.27%.
The gold index rose 0.43% and industrials gained 0.35%.
“On the international front‚ today’s focus is on European data‚ with eurozone industrial production and German ZEW investor confidence figures both due at 11am‚” Rand Merchant Bank said in a morning note.
On the local front‚ the domestic labour market continued to pose a risk to SA-specific risk appetite and to growth‚ the bank said.
“The Association of Mineworkers and Construction Union (Amcu) has reiterated its stance that it will oppose Amplats’s restructuring plans and job cuts by all legal means available. As such‚ strike action seems to be very much on the cards in the coming months‚” RMB said.
There were no significant data releases scheduled for today‚ the bank said.
Among individual stocks on the JSE‚ Lonmin shed 4.79% to R40.27. That compares with milder gains for most other stocks in the sector‚ with Northam Platinum [JSE:NHM] off 0.76% at R31.50‚ while Anglo Platinum [JSE:AMS] bucked the trend‚ adding 0.19% to R313.49‚ after shedding more than 5% on Monday and 4% on Friday following the release of its revised restructuring plan.
Gold counter Gold Fields [JSE:GFI] added 0.66% to R60.66‚ while Sibanye Gold dipped 1.19% to R8.30.
