Stock gains capped by plat­inum chips as metal price falls

The Star Early Edition - - PRICES - Reuters and Bloomberg Aquarius Plat­inum Royal Bafo­keng Plat­inum, Mass­mart, Pick n Pay Stores Lon­min,

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.

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