JSE weakens, but platinum and gold shares rise with precious metal prices

THE JSE closed weaker in mixed trade yesterday.

With precious metals prices rising, platinum and gold shares strengthened.

Volume traded, at R10-billion, was well below the daily average with many traders still on holiday until next week.

The JSE all-share closed 0.51% weaker at 50 760.2 points, with platinum stocks up 1.97% and gold shares 1.4%. The Top 40 index was down 0.67%

Diversified miners were the hardest hit as the rand strengthened. The resources index gave up 1.38%.

Food and drug retailers, down 1.17%, began to feel the pinch with holiday spending tapering off, and general retailers were down 0.93%.

Anglo American Platinum added 1.92% to R282.02, Impala 1.88% to R45.09 and Northam 2.66% to R44.77.

Gold miner Sibanye rose 2.03% to R26.11 and AngloGold Ashanti 1.63% to R153.39. Anglo American fell 3.04% to R191.49 and rival BHP Billiton 1.92% to R219.50. Exxaro fell 2.96% to R88.74. The company has provoked Eskom’s ire by saying it would abandon its 50%-plus black economic empowerment ownership structure and go to 30% black ownership.

The rand’s strength weighed on rand hedges, with British American Tobacco losing 1.19% to R770.50 and Richemont 1.96% to R88.25.

Woolworths was down 1.31% at R70.90, Clicks 2.52% at R114.50 and Shoprite 2.28% at R169.01. Redefine slipped 1.74% to R11.30. Media and internet group Naspers eased 0.84% to R2 017.66.

Advtech Group rose 1.88% to R17.35. – BusinessLive