JSE kept lower by miners as market awaits US jobs report
Global sentiment has been lifted by news that US-China trade talks will resume, but lack of interest in safe-haven assets is weighing on gold miners
Losses for miners of precious metals subdued the JSE on Friday morning, despite an uptick in sentiment on global markets.
News that the US and China will resume trade talks in October and an upbeat ADP jobs report in the US on Thursday lifted Asian stocks on Monday morning, but the all share failed to benefit.
At 10.12am the all share was down 0.2% at 55,364.3 points and the top 40 0.22%. Gold miners lost 0.97% and platinums 0.55%. Financials added 0.21%
Gold was down 0.72% to $1,507.981/oz and platinum 2.17% to $939.91/oz. Brent crude was 0.16% higher at $60.82 a barrel.
The rand was 0.59% firmer at R14.7949/$.
European markets were also subdued, with all eyes on the US nonfarm payrolls report for August later. The report is being closely watched for signs of future US Federal Reserve policy.
Sasol slumped 3.88% to R260.99, after it had yet again delayed its financial results to end-June, after commissioning additional work for the probe into delays at its Lake Charles project in the US.
Rand hedge AB InBev fell 1.2% to R1,373.63 while Richemont added 1.5% to R118.04.
Gold miner Sibanye-Stillwater lost 1.93% to R18.76.
Sanlam added 2.19% to R75.49, extending a 2.75% rise on Thursday, when it reported a 4% increase in new business volumes to R111bn in the first six months of 2019, although headline earnings fell 31%.
Metrofile surged 18.18% to R1.95, a seven-month high, having said earlier that it had received a take-over offer for its entire share capital.