JSE flat on correction journey and low gold, platinum prices

ered. Although weaker‚ the all-share is still up 6.4% for the year.

Commodity prices remained broadly weak on a trend basis‚ with the platinum spot price back at $1.118.50 an ounce‚ partly because of the stronger dollar environment.

After trading negatively for most of the day‚ the all-share index recovered to close only 0.06% down at 52 933.3.

The blue-chip top 40 was down 0.07%. Gold lost 1.12% and platinum shed 0.46%.

Industrials were 0.12% lower and financials flat (-0.09%). Banks lost 0.08%. Resources climbed 0.28%.

Sasfin Securities portfolio manag- er Joe Klopper said the JSE’s pullback over the past few weeks was no cause for concern.

“It reflects continued uncertainty about a possible Greek exit from the European Union as well as the con- sequences of US rate hikes later this year.” Volatility should be expected under these circumstances. “It is in fact a healthy pullback‚ creating new buying opportunities.”

Resources were mixed‚ with An- glo American adding 0.81% to R192.59‚ and South32 losing 3.18% to R20.12.

Among rand hedges, British American Tobacco rose 2.05% to R681.21.

Harmony led the losses among gold stocks‚ dropping 2.53% to R16.92. Impala Platinum shed 0.65% to R61.60. – BDlive