MARKET WRAP: JSE flat as banks offset losses by iron-ore miners
Local and international data on the day was positive, but BHP and Kumba Iron Ore slump, the former after a downbeat production report
The JSE was little changed on Wednesday, as losses by mining stocks offset gains in most other indices. There was quite a lot of news to give local stocks direction, with a number of large-cap stocks registering impressive movements. Kumba Iron Ore led the losses, falling 4.94% to R452.46. The world’s largest producer, Vale, has been given permission by a Brazilian court to re-open an iron-ore mine that was closed following a fatal dam disaster earlier this year. Diversified miner BHP fell 3.03% to R339.48, having said earlier it had lowered its production forecasts for iron ore, as it grapples with a hurricane that hit Western Australia in March. The all share added 0.01% at 58,908.3 points, while the top 40 fell 0.05%. Banks gained 1.19% and industrials 0.86%. The resources index slipped 2.23%. Earlier, sentiment was given a boost by news that the Chinese economy grew 6.4% in the three months to end-March, only slightly faster than the 6.3% expected by the market. Analysts, howeve...
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