JSE closes weaker as firmer rand hammers platinums
The platinum price was 1.37% down at $984 an ounce in late afternoon trade, the lowest level in more than a month
The JSE closed weaker on Monday as miners retreated on the firmer rand, led by platinums, while retailers ended the day positively. A combination of a stronger rand and weaker commodity prices created a lethal cocktail for platinums, with resources and gold stocks also losing ground. Volumes were on the low side with the value of trades marginally above R11bn at the close. The platinum price was 1.37% down at $984 an ounce in late afternoon trade, the lowest level in more than a month. The gold price softened 0.22% to $1,231 an ounce. The rand hit 12.93/$ in intraday trade from a previous close of R12.9901. At the JSE’s close the rand was at R12.9773. The rout among commodities also extended to aluminium, copper, silver and tin, hitting the diversified global miners hard. Banks and financials aimed higher for most of the day, but lost out toward the close with banks just edging up slightly and financials closing flat. Retailers managed to close in positive territory. "Resources were...
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