JSE firms but gold shares drop following AngloGold’s retrenchment statement
The JSE was firmer on Thursday at midday, buoyed by gains in most sectors. However, gold miners remained under pressure after news from AngloGold Ashanti on Wednesday that it could retrench 8,500 employees. The gold index dropped 3.24% on Wednesday, after the world’s third-largest gold miner announced the job cuts, citing unsustainable losses. Europe’s leading stock indices were mixed, with the CAC 40 down 0.54%, the FTSE 100 0.34% firmer and Germany’s Dax little changed. At midday, the all share index was up 0.19% at 51‚696.8 points‚ with gold and industrials shedding 1.83% and 0.22%, respectively. Platinum was little changed while banks gained 0.55%, financials 0.57%, resources 0.72% and property 0.33%. Momentum SP Reid analysts said the local bourse continued to show short-term technical improvement, as a combination of "overall market tonality, modestly adjusted yield expectations and currency adjustments" drove short-term equity performance. Diversified miners were firmer, with...
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