JSE loses momentum, lagging world markets
Gold stocks led losses in the resources market as the price of gold dropped for a second consecutive day amid an easing of tension in the North Korea-US standoff
The JSE dipped on Tuesday, dragged down by mining shares, which felt the pressure of lower commodity prices. The all share was off 0.51% to 55,180.20 points at lunchtime, lagging its some its peers in both Europe and Asia. Gold stocks led losses in the resources market as the price of gold dropped for a second consecutive day amid an easing of tension in the North Korea-US standoff. A stronger dollar put pressure on commodity prices, resulting in the gold and platinum indices dropping 1.73% and 2.34%, respectively. At 1.33pm gold was down 0.56% to $1,274.31 an ounce and platinum 0.73% to $959.74. New York Federal Reserve president William Dudley has hinted at a possible interest-rate increase later in the 2017, reviving interest in the dollar, in which commodity prices are denominated. Besides miners, a soft spot was evident in the construction sector, which is hurting partly as a result of individual pieces of news. PPC’s shares have come off steadily since the sudden departure of ...
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