Resource firms weigh on the bourse

DIVERSIFIED resource companies weighed on the bourse yesterday as the copper price slid to a one-month low on geopolitical tensions and as hopes of an infrastructure-fuelled boost to US demand faded.

The benchmark JSE Top40 index was down 0.02 percent at 46 747.3 points, while the all share index gained 0.03 percent to 53 551.31 points.

Anglo American was down 4.97 percent at R199.52, but banks gained from the uptick in sentiment, with the banking index advancing 3 percent to 7 164 points. Barclays Africa Group lagged other lenders, gaining 1.38 percent to R144.97 as South Africa’s political upheaval makes it tougher for parent Barclays to sell down its stake.

Meanwhile, US stocks drifted lower yesterday afternoon as investors sought shelter in safe-haven assets amid lingering geopolitical worries, while keeping the upcoming earnings season in sight.

At 6.35pm, the Dow Jones industrial average was down 0.35 percent at 20 579.03 points and the Standard & Poor’ 500 was down 0.43 percent at 2 343.59 points. The indices were on track for their worst one-day percentage decline in over three weeks.

The Nasdaq Composite was down 30.18 points, or 0.51 percent, at 5 836.60 points.