The JSE closed weaker on Wednesday amid generally negative emerging-market sentiment following rating agency Moody’s decision to downgrade China’s sovereign credit rating. The decision pushed commodity prices lower causing a knock-on effect to mining stocks, which was worsened by a stronger rand. At 6.34pm, the rand was at R12.94 to the dollar from Tuesday’s R13.07. The R186 bond was bid at 8.49% from 8.56% previously. The rand strength came after local consumer inflation beat expectations, coming in at 5.3% year on year in April. The all share closed 0.44% lower at 54,308.70 points and the blue-chip top 40 dropped 0.47%. Platinums lost 3.97%, the gold index 3.49%, resources 0.93% and industrials 0.71%. Banks gained 1.97% and financials 0.70%. Property added 0.18%. Sibanye Gold plummeted 34.22% to R18.59 on technical issues after the nil-paid letters linked with its rights issue on the Stillwater takeover in the US started trading. Anglo American ended the day 0.96% lower at R181.73...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.