News24
10 Sep 2019, 23:44 GMT+10
The local bourse closed softer for a second consecutive session as miners extended their decline.
The resources index has traded under considerable pressure with big declines being recorded for gold miners which have fallen on the back of a weaker gold metal price. Sector sentiment has seen general and platinum miners also tracking lower.
There was further disappointment in the manufacturing production numbers released by Statistics SA which highlighted more weakness in the South African economy. South Africa's manufacturing production year-on-year for the month of July was recorded at -1.1% which was better than the consensus forecast of -1.8%. Manufacturing production month-on-month advanced 0.4% from a prior recording of -1.9%.
There were some positives on the currency market as the rand extended its gains against the greenback as it peaked at a session high of R14.65/$. At 17:00, it was trading 0.54% firmer at R14.67/$.
Losses amongst the miners were led by Assore [JSE:ASR] which fell 7.02% to end the day at R279.00 despite releasing a decent set of full-year results. Kumba Iron Ore [JSE:KIO] lost 5.11% to close at R391.55, Impala Platinum [JSE:IMP] dropped 5.97% to close at R81.05, and Anglo American Platinum [JSE:AMS] weakened to R839.81 after losing 3.66%.
Multichoice Group [JSE:MCG] had another tough session which saw it drop 4.32% to close at R116.51. Other significant losses on the day were recorded for Northam Platinum [JSE:NHM] which lost 3.54% to close at R72.74, RCL Foods [JSE:RCL] which closed at R9.00 after losing 5.06%, and Murray & Roberts [JSE:MUR] which retreated by 4.71% to close at R12.75.
Libstar [JSE:LBR] stood out as one of the biggest gainers after it rallied 8.35 to close at R8.09. Listed property stock Hammerson [JSE:HMN] gained 4.74% to close at R46.88 while its sector and geographical peer Intu Properties [JSE:ITU] advanced 2.74% to end the day at R7.50. Nampak [JSE:NPK] managed to record significant gains as it climbed 3.17% to close at R10.10, while Imperial Logistics [JSE:IPL] surged 2.84% to close at R53.59.
Rand at its strongest level in more than a month
Other significant losses on the day were recorded for British American Tobacco [JSE:BTI] which added 2.19% to close at R536.38, Discovery [JSE:DSY] which climbed 2.67% to R121.15, and commodity trading giant Glencore [JSE:GLN] which closed at R44.91 after gaining 1.45%.
The JSE All-Share index eventually closed 0.46% lower while the JSE Top-40 index shed 0.24%. All the major indices eventually closed softer with the financials index barely closing softer as it lost 0.02%. The industrials and resources indices lost 0.47% and 0.39% respectively.
The optimism around OPEC's output cuts extension saw brent crude extend its gains on the day as it was recorded trading 1.53% firmer at $63.55/barrel just after the JSE close.
At 17:00, platinum was down 1.17% to trade at $936.20/Oz, gold was 0.24% softer at $1495.32/Oz, and palladium had shed 0.76% to trade at $1557.85/Oz.
*
Get a daily dose of Pakistan Telegraph news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Pakistan Telegraph.
More InformationWASHINGTON, D.C.: President Donald Trump claimed he was unaware that the term shylock is regarded as antisemitic when he used it in...
PARIS, France: A strike by French air traffic controllers demanding improved working conditions caused significant disruptions during...
OMAHA, Nebraska: With Congress considering cuts totaling around US$1 trillion to Medicaid over the next decade, concerns are rising...
ROME, Italy: Quick thinking by emergency responders helped prevent greater devastation after a gas station explosion in southeastern...
WASHINGTON, D.C.: President Donald Trump is drawing praise from his core supporters after halting key arms shipments to Ukraine, a...
MOSCOW, Russia: This week, Russia became the first country to officially recognize the Taliban as the government of Afghanistan since...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
NEW YORK, New York - Monday's trading session saw mixed performances across U.S. and global markets, with several major indices posting...
WASHINGTON, D.C.: The U.S. government has granted GE Aerospace permission to resume jet engine shipments to China's COMAC, a person...
DUBAI, U.A.E.: Saudi Aramco is exploring asset sales as part of a broader push to unlock capital, with gas-fired power plants among...
MILAN, Italy: Italian regulators have flagged four non-EU countries—including Russia—as carrying systemic financial risk for domestic...
NEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...