Gold miners support flat JSE amid Brexit uncertainty
Local gold miners are benefiting from global interest in safe-haven assets, while a strong performance by Naspers is helping to offset losses by banks
A climb by the gold price above $1,300/oz helped support the JSE a little on Wednesday morning, but the local bourse was flat due to the escalation in uncertainty around Brexit. There are still no clear signs of how the UK will navigate its departure from the EU, with British MPs shooting down UK Prime Minister Theresa May's draft agreement on Tuesday. Risk-equities were out of favour as a result. Gold miners were also finding support as gold traded at a two-week high, but banks were under pressure. The all share had gained 0.04% to 55,723.2 points and the top 40 0.06%. Banks had fallen 1.12%, while gold miners were up 1.82%. Gold had risen 0.19% to $1,303.91/oz while platinum was flat at $834.51. Brent crude was 0.18% higher at $66.92 a barrel. There was some corporate news to give the local bourse direction, with Growthpoint gaining 2.61% to R25.14, after saying earlier distributable income in the six months to end-December grew 5.9%, allowing it to increase its interim dividend 4...
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