Gold pro­duc­ers lead the bourse lower

The Star Early Edition - - PRICES - Reuters

STOCKS eased yes­ter­day, led by bul­lion pro­duc­ers such as Sibanye Gold.

The bench­mark JSE Top40 in­dex slipped 0.21 per­cent to 46 365.74 points, while the wider all share in­dex closed 0.17 per­cent lower at 53 250.79 points.

Sibanye shed 7.76 per­cent to R28.18. Gold’s spot price fell to the low­est in more than a week on re­newed hopes that US Pres­i­dent Don­ald Trump would un­leash growth­friendly spend­ing poli­cies, erod­ing bul­lion’s safe haven at­trac­tion.

On the flip side, Kumba Iron Ore led ad­vancers af­ter the An­glo Amer­i­can unit, which is up for sale, said an­nual profit more than dou­bled, set­ting it up to out­strip fore­casts when it re­ports full earn­ings next month. Its trad­ing up­date pro­pelled its share price 9.57 per­cent higher to R191.74.

Mean­while, Mr Price climbed 4.54 per­cent to close at R162.05.

In the US, the Dow Jones in­dus­trial av­er­age ex­tended gains af­ter hit­ting 20 000 for the first time yes­ter­day morn­ing as strong earn­ings and Trump’s pro-growth com­ments and ini­tia­tives reignited a post-elec­tion rally.

Trump has taken sev­eral busi­ness-friendly de­ci­sions since tak­ing of­fice on Fri­day, in­clud­ing sign­ing ex­ec­u­tive or­ders to clear the way for the con­struc­tion of two oil pipe­lines.

The Stan­dard & Poor’s 500 also hit record in­tra­day highs.

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