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Gold producers cap gains on the bourse

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Johannesburg - Stocks rose on Monday, but gold mining firms anchored gains as safe haven assets were less in demand.

The benchmark JSE Top40 index was up 1.51 percent firmer at 46187.93 points, while the broader all share index gained 1.39 percent to 52921.41 points.

Gold shares weighed on the bourse as the gold mining index was down 5.4 percent. The bullion price slid more than 1 percent on Monday. At 7.10pm, spot gold was at $1274 (R16682) an ounce.

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The Johannesburg Stock Exchange in Sandton City. File picture: Timothy Bernard

Gold Fields was the biggest loser among the blue chips, falling 6.54 percent to end the session at R47.46.

Gold is often seen as a safe-haven among investors when there is uncertainty in political matters.

Emerging markets were buoyed by France’s presidential election first-round win for the market’s preferred candidate. Polls have consistently suggested that Centrist Emmanuel Macron, a pro-EU and former economy minister, would beat Le Pen in the second-round vote in France.

“If you look at France right now there is an element of certainty that certain parties or elements have been eliminated from the race,” said Global Trader’s Paul Chakaduka.

Sibanye Gold dropped 6.01 percent to R27.82, while AngloGold Ashanti retreated 5.03 percent to R157.56.

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