No end to JSE miners’ crash
Statistics SA releases May’s CPI figures on Wednesday, which are expected to show inflation remained steady at 5.3%
The carnage in JSE mining stocks, which started when Mineral Resources Minister Mosebenzi Zwane unveiled the new Mining Charter last Thursday, shows no sign of abating. Harmony Gold Company’s share price fell a further 6.26% to R20.68 on Tuesday, taking its drop since the new Mining Charter was announced to 15.2%. This equates to R1.6bn wiped off Harmony’s market capitalisation. AngloGold Ashanti has lost 14.35% over the past week, knocking R9bn off its market value. Impala Platinum fell a further 6.18% to R34.15 on Tuesday, taking its slide over the past week to 8.7%, reducing its market cap by R2.4bn. Anglo American Platinum has fallen 7.6% over the past week, cutting its market value by R6.2bn. BHP, which limited its exposure to SA’s political uncertainty by unbundling most of its South African assets into separately listed South32, has lost 3.8%, or R15.6bn, over the past week. South32 has fallen 4.2% over the same period, knocking R5.8bn off its market cap. The woes of South Af...
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