The JSE acted largely out of step with its global counterparts on Wednesday, settling somewhat lower after an initial positive opening. Losses were spread across most sectors, although diversified miners took the biggest hit thanks to weaker commodity prices resulting from a relatively strong dollar. The resources index, which includes big mining companies such as Anglo American and BHP Billiton, dropped 2.72% while gold miners shed 2.28%. The weakness came even as companies within the sector continued to post good financial results, with Assore more than doubling its first-half headline earnings and Pan African Resources declaring a record R300m total dividend payment in its interim results. This followed in the footsteps of AngloGold Ashanti, which said on Tuesday that it was re-instating a dividend for the first time in three years, as the world’s third-largest gold producer improved its cash flow. Outside the resource market, banks slipped for a fifth consecutive session, which ...
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