JSE extends losses‚ miners weigh

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JSE1 Independent Newspapers The JSE. Photo: Simphiwe Mbokazi.

The JSE share market extended its losses at noon‚ with general mining shares in particular coming under heavy selling pressure‚ which dealers ascribed to lower commodity prices due to signs of a slowdown in the Chinese economy. “There is also some caution broadly in equity markets ahead of the Jackson Hole event on Friday in which the US Fed is expected to signal some monetary policy easing‚” said Rabi Thithi‚ portfolio manager at Imara SP Reid.

At 12.44pm‚ the JSE all-share index was down 0.86% to 35‚439.80 points‚ with platinum miners losing 2.23%‚ the gold index shedding 1.57% and resources dropping 1.53%.

In Europe and Asia‚ stock markets were generally lower.

Among the big movers on the JSE‚ BHP Billiton (BHP) was down 1.90% to R249.07‚ Aquarius Platinum (AQP) shed 4.91% to R5.04 and Harmony Gold Mining (HAR) slumped 5.21% to R71.08‚ which traders attributed to questions around the gold producer’s ability to deliver on its $4.85bn (R41bn) Golpu gold and copper project in Papua New Guinea. The mine could be brought into production in 2019.

Exxaro (EXX) lost 2.69% to R153.65 and African Rainbow Minerals (ARI) was down 3.19% to R146.37.

AECI (AFE) shed 4.14% to R83.40 and Telkom (TKG) dropped 2.66% to 19.37. - I-Net Bridge

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