BHP’s share price fell 1% to A$24.85 in Sydney on Wednesday morning after releasing its fourth-quarter production figures. The world’s largest mining group reported it intended to step up US oil production — ignoring calls to sell its offshore rigs — and grew its iron ore production 8%, adding to a global oversupply. BHP closed 1.52% lower at R220.11 on the JSE on Tuesday, contributing to a 1.05% drop in the all share index. Despite the drop in BHP’s share price, Sydney’s S&P/ASX 200 index was 0.83% higher ahead of the JSE’s opening. Shanghai’s composite index was 0.8% higher, but Tokyo’s Topix index was slightly down, making it difficult to guess if the JSE will rebound from Tuesday’s first stumble in six days. British American Tobacco is also expected to release an operation update on Wednesday. Thursday’s interest rate announcement by Reserve Bank governor Lesetja Kganyago will be foreshadowed by Statistics SA’s June consumer price index (CPI) report at 10am. The annual change in...
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.