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Gold stocks send JSE lower

Johannesburg - Gold shares posted the biggest gains on Monday‚ leaving the broader JSE slightly softer at noon after a positive start to the session.

At 12:37‚ the JSE All Share [JSE:J203] index was down 0.17% to 39 017.36 points‚ with the Top 40 - (Tradeable) [JSE:J200] blue-chip index slipping 0.21% to 34 355.04 points. The gold index slid 2‚ despite gold spot edging up above $1 470 per ounce.

“There is lack of investor confidence in the gold sector‚” said Ryan Wibberley‚ equity dealer at Investec Asset Management. “Broadly speaking though‚ the equity markets are struggling for direction‚ with no major market moving data on schedule today.”

The gold index is down some 17% this month to date despite some recovery last week.

Leading European share markets were modestly higher at noon‚ but London’s FTSE 100 was flat (0.04%) while US stock futures indicated a positive opening on Wall Street later this afternoon.

Among individual shares on the JSE‚ Anglo American (AGL) was down 1.35% at 224.18‚ with gold miner Gold Fields (GFI) slipping 2.84% to R65.92.

ArcelorMittal SA (ACL) was under heavy pressure‚ down 4.16% to R23.04 which Wibberley attributed to market jitters about the company’s earnings due for release next month.

Exxaro (EXX) lost 2.19% to R147.20.

Construction group Group Five (GRF) was down 1.16% to R34.20 but retailer Massmart (MSM) lifted 1.03% to R34.20.
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Rand - Dollar
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Rand - Pound
23.95
-0.2%
Rand - Euro
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Rand - Aus dollar
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+0.0%
Rand - Yen
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