Gold producers lead the bourse lower
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.