Harmony Gold shines on JSE as precious metal prices climb

HARMONY Gold Mining Company rose to become the best performer on the JSE yesterday as mining stocks marched on higher precious metals and iron ore prices.

The JSE Gold Mining Index jumped 3.04 percent to 1 585 from 1 539 in the previous close on firmer metal prices.

Platinum inched up 1.33 percent to $918 an ounce and the bullion rose 0.50 percent to $1 298 an ounce giving momentum to the JSE Mining Index which increased 1.37 percent to 40 137.36.

Harmony Gold rose 7.5 percent to R28.37 a share.

Seleho Tsatsi, an investment analyst at Joburg-based Anchor Capital, said the group had managed to increase its stock by 11.5 percent in the year to date.

“It looks like the share is volatile from day to day, but over the year it has been largely flat.

“The market has anticipated now to be a good time to buy gold following the dovish tone from the US Federal Reserve (Fed), but we’re yet to actually see higher gold prices,” Tsatsi said.

On Friday, the US labour department reported job growth had returned to normal, adding 196 000 net new jobs.

The global political and trade uncertainties and an extremely dovish Fed have seen US President Donald Trump call for interest rate cuts and the resumption of economic stimulus.

Sibanye-Stillwater yesterday jumped 5.5 percent to R17.25 a share and Anglo American Platinum 5.02 percent to R835 a share.

Platinum producer Impala Platinum rose 2.23 percent to R64.30 a share, and AngloGold Ashanti rose 3.55 percent to R193.46 a share. Kumba Iron Ore was 5.76 percent a share higher at R468.94 and Gold Fields was 4.11 percent higher at R55.45 a share.

Record palladium and rhodium prices have helped JSE listed Platinum group Metals recover waning fortunes last year. Operating profits have more than doubled for Impala, Anglo American Platinum, and Northam Platinum.

Yesterday, Citigroup said iron ore was poised to hit $100 a ton and investors “should ‘chase’ this year’s rally, not sell into it”.

The JSE all share index has strengthened 7.1 percent in the first three months of this year, signalling

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