MARKET WRAP: Disappointing mining data weighs on sector’s shares
Global growth concerns and poor local data conspire to pull the JSE lower
The JSE closed weaker on Thursday as concern over the health of larger global economies continued to dampen sentiment, with major central banks flagging subdued global economic growth. Policy makers of both the US Federal Reserve and the European Central Bank (ECB) kept interest rates unchanged, with the latter forecasting slower growth in the region. The Fed said it was unlikely to raise rates again this year. Locally, mining output plummeted to its lowest level in three years. Production in the sector slumped 7.5% year-on-year in February, with gold output plunging almost 21%. The resources index lost 1.05% on the day, with Anglo American Platinum faring worst, dropping 4.54% to R779.98. Gold Fields relinquished 3.18% to R53.30, AngloGold Ashanti 3.55% to R184.92, and Harmony Gold 3.04% to R26.80. The all share ended the day 0.39% lower at 58,186.2 points, with the top 40 index falling 0.42%. The gold index lost 2.97% and platinums 2.41%. The only positive in the major indices wa...
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.