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
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...