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Platinums hard hit as JSE weakens

Feb 18 2013 17:55 I-Net Bridge

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Johannesburg - The JSE experienced a selloff in the mining space on Monday‚ with platinum bearing the brunt of it due to labour woes in the sector.

At 17:00‚ the All Share [JSE:J203] index was down 0.41% to 40 512.76 points‚ with the Top 40 - (Tradeable) [JSE:J200] index also losing 0.41%.

The platinum and gold indices lost 2.53% and 1.45% respectively‚ with both still under pressure from last week after the spot prices of both precious metals dropped more than 2%. The general resources counter gave up 1.11%.

“Volumes were low today due to the President’s day holiday in the US. On the local front there was a shooting at Amplats that pulled the stock down by over 5% in late trade; this pulled Anglo American down with it. The Anglo Platinum (AMS) shooting has put a damper on the market in an otherwise very quiet day‚” said Oliver Russell‚ trader at Global Trader.

European shares were mixed in late trade‚ with London’s FTSE 100 last seen 0.28% lower.

Among individual stocks on the local exchange‚ Anglo American (AGL) closed down 2.10% at R274.60 and Impala Platinum (IMP) lost 2.48% to R147.25.

Anglo American Platinum (AMS) fell 4.85% to R442.94 after reports that five people had been shot at one of its mines.

Gold Fields (GFI) dropped 2.33% to R83.40 and newly listed Sibanye Gold (SGL) closed 5.62% lower at R15.29‚ after surging 19% last week following its listing.

AECI (AFE) slipped 2.50% to 90.31‚ while Cashbuild (CSB) gained 2.49% to R135

Hulamin was up 7.07% to R5.

Industrial holding company KAP Industrial Holdings (KAP) on Monday reported a 20% increase in fully diluted headline earnings per share to 14.2 cents for the six months ended December. The counter added 1.82% to R3.35.

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amplats  |  jse  |  markets
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