Accelerating Chinese economy fails to lift JSE
Diversified miner BHP is under pressure after reporting lower iron ore production, but Clicks jumps after reporting solid turnover growth
The JSE weakened on Wednesday morning, despite some risk-on trade after China reported a better-than-expected economic performance in the first quarter. A firmer rand was benefiting banks but putting some pressure on local miners. Corporate news also weighed on diversified miner BHP. At 10am, BHP had slid 2.99% to R339.61, having said earlier that it had lowered its production forecasts for iron ore, as it grapples with a hurricane that hit Western Australia earlier this year. At the same time, the all share was down 0.16% to 58,806.7 points and the top 40 was down 0.15%. The resources index was down 2.01%, while banks had gained 1.08%. The rand was 0.44% firmer at R13.971/$. Gold added 0.17% to $1,278.86/oz and platinum 0.9% to $888.24. Brent crude was up 0.14% to $71.98 a barrel.
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