Miners and world markets weigh on JSE

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JSE1 Independent Newspapers The JSE. Photo: Simphiwe Mbokazi.

Mining shares led the JSE lower at noon‚ with stock-specific news flow adding to the bearish tone on world markets.

At 12.50pm‚ the JSE all-share index was 0.56% lower at 37‚252.73 points‚ with the top 40 index shedding 0.63% to 33‚036.06 points. Resource and gold stocks shed 1.66% and 1.01% respectively.

“Markets had a batch of negative corporate news to deal with‚ including an update on Anglo American’s Minas-Rio project‚” said Ryan Wibberley‚ equity dealer at Investec Asset Management. “There were pockets of relative strength including continued buying into Vodacom following its results.”

Leading European markets were in the red at noon‚ with London’s FTSE 100 giving up 0.83%.

On local front‚ Anglo American (AGL) dropped 3.76% to R246‚ after the resources giant said it was conducting a detailed cost review on its Minas-Rio project in Brazil. The project was unlikely to be less than the US$8 billion upper end of the current range of analysts´ expectations‚ it said.

Volatile Aquarius Platinum (AQP) was down 4.75% to R5.42‚ ArcelorMittal SA (ACL) fell 3.18% to R30.16‚ a multi-year low. Exxaro (EXX) dropped 3.70% to R168.47.

On the upside‚ Vodacom (VOD) gained 2.88% to R119.74‚ a record high‚ while rival MTN (MTN) gained 0.59% to R169.40. - I-Net Bridge

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