The JSE all share recorded its worst weekly performance in 2017 on Thursday as the all share closed 1.28% lower at 50,831.90 points ahead of the June 16 long weekend. Volumes were large due to the second quarter close-out in the futures market with trades amounting to R53bn compared to an average day’s R20bn. The all share ended the week 2.65% lower as mining stocks were hammered on foreign selling following the release of the latest version of the Mining Charter. The charter contains a requirement by companies to increase their black ownership share to 30% from 26% which putting pressure on mining stocks and futures. An added stipulation requires companies to pay 1% of their annual turnover to the 30% black economic empowerment (BEE) structure before any distribution is made to all shareholders. The gold index ended Thursday 4.93% weaker, platinums lost 4.02% and resources 2.05%. The all share closed 1.28% lower at 50,831.90 points in broad-based losses. Steinhoff shed 1.65% to R64...
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