Stock gains capped by platinum chips as metal price falls
STOCKS advanced modestly yesterday but gains were capped by platinum producers, which sank as the precious metal’s spot price approached five-year lows below $1 200 (R13 460) an ounce.
The Top40 index climbed 0.41 percent to 45 120.73 points while the all share index added 0.42 percent to 50 588.4.
fell 3.9 percent to R2.71, making it the biggest decliner of the session, followed by
which shed 3.6 percent to R55.20. the world’s third-largest producer, fell 2.4 percent to R32.21.
Retailers led advancers as crude oil fell below $80 a barrel for the first time in four years, a positive for consumers.
a unit of Walmart Stores, zipped 4.2 percent higher to R136.46, while grocer
rose 3.7 per- cent to R56.16.
But the bourse’s main retail indices could both be in for a correction as momentum indicators suggest they have strayed into overbought territory.
PPC had compiled a short-
Aquarius’s shares slid, making it the biggest JSE decliner
list of six candidates to succeed Ketso Gordhan as chief executive and would make an appointment after a shareholders’ meeting next month, chairman Bheki Sibiya said yesterday. Gordhan resigned as head of South Africa’s biggest cement company in September after fellow directors blocked his attempt to fire chief financial officer Tryphosa Ramano. He has since been trying to engineer his return, and investors will vote on the removal of the entire board at a meeting on December 8. “We have 85 candidates, of whom six are the cream of the crop,” Sibiya said.
“We are looking at a person who is going to buy into the board’s strategy. We are not looking at anybody who is going to change it.” The shares gained 0.47 percent to R27.81 at close on the JSE.