JSE firmer, but mining shares take a knock as the gold rally fizzles out
The end of gold’s short-lived rally hit mining shares in Johannesburg and London on Tuesday morning, but the JSE was sustained by gains in heavyweight stocks Naspers and Richemont. By midday, the all-share index had gained 0.55% to 50,155.30 points. The FTSE-100 was 0.08% better at 7,017.16. Despite its traditional safe-haven status, gold shed 0.43% to $1,133.36/oz even with market nervousness after a terrorist attack in Berlin and the assassination of Russia’s ambassador to Turkey. Brent crude oil firmed 0.46% to $55.175/barrel. Tokyo closed stronger, with the Nikkei 225 up 0.53%, reflecting a more buoyant economic outlook for the coming year. But the Hang Seng moved in the opposite direction, giving up 0.47% on a weakening yuan and rising bond yields. With recent data in US, Japan and Germany showing positive trends and boosting prospects of global growth next year, geographically diversified consumer stocks benefited. Naspers added 1.5% to R1,992.58 while Richemont gained 1.07% t...
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