MARKET WRAP: JSE closes lower with platinum shares dropping further
The JSE all share closed weaker on Friday as platinum and banking shares weighed on the market, with retailers and gold shares the best performers on the day. Platinum investors were spooked by Impala Platinum’s annual results, released earlier in the week, as production came in below targets, resulting in a basic headline loss of 137c per share to end-June. A lower platinum price added to the misery in the sector, with the spot price down 1.93% to $965.99 an ounce soon after the JSE’s close. The platinum index lost more than 9% this week. Impala Platinum’s results affected sentiment negatively with Anglo American Platinum and Northam also down on the day. Banking shares were lower in risk-off trade ahead of next week’s interest-rate decision by the Reserve Bank, which may lead to a rate cut. Financials were pulled down by Sanlam and MMI Holdings, while Discovery is set to release annual results on Monday. Steinhoff and Shoprite were the main losers among retailers, with Woolworths ...
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