Platinum shares weigh on the bourse

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

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

Published May 4, 2017

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Johannesburg - The main JSE indices were slightly lower on Wednesday, weighed down by platinum shares on weaker metal prices.

The blue chip Top40 index lost 0.47 percent to 46917.89 points. The all share index traded 0.61 percent down at 53586.63 points.

The platinum mining index was down 4.67 percent as the white metal price slid to four-month low.

Impala Platinum featured on decliners’ list on the benchmark Top40 index, dropping 3.25 percent to R41.39.

Mr Price retreated 3.88 percent to close at R150.25.

Group Five helped restrict the downside momentum after the construction firm unveiled a three-way split of its biggest unit - construction and engineering - to release value.

Shares of Group Five added 0.64 percent to close at R15.80.

Meanwhile, world stock markets fell yesterday as declines in iPhone sales brought about some concern about consumer strength.

Apple lost 0.9 percent as the biggest drag on the Standard & Poor’s 500 after it reported a surprise fall in iPhone sales in its fiscal second quarter on Tuesday. The drop came on the heels of a decline in sales for US carmakers for last month and a soft first quarter reading on US growth last week.

REUTERS

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