MARKET WRAP: Resources lead the JSE’s charge lower
Kumba warns of lower iron ore production and sales for the year, while China’s moves suggest its recovery will be slow
21 April 2022 - 18:49
Resources companies led the JSE lower on Thursday while US and European markets were firmer even as investors fretted over the global economic outlook.
Kumba Iron Ore was the biggest loser, plunging 12.6% to R578.56 — the most since August 2021 — after warning of weaker production and sales in 2022 due to heavy rain, problems with the reliability of its equipment due to a global shortage of spares, and geopolitical disruptions. Output in the first quarter to end-March dropped 21% while sales were 8% lower...
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.