JSE dips amid consolidation

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Johannesburg – The JSE opened in negative territory on Friday with platinum stocks showing some upside‚ while gold miners were the main laggards‚ amidst some consolidation in the market after a strong day on Thursday.

At 9.19am‚ the all share index was down 0.12% to 40‚557.56 points‚ with the platinum sector adding 0.4% and gold miners dropping 1.9%.

In Asia the Nikkei 225 closed 2.88% stronger‚ while Hong Kong’s Hang Seng index dipped 0.21%.

“Gold has pulled back in the US last night and that is why our gold miners are down today. We are seeing some profit taking this morning‚ a bit of a pull-back in the market‚ after dual-listed shares such as South African Breweries and Richemont showed good gains yesterday as they are rand hedge stocks and the rand dipped below R9 yesterday‚” said Francois Venter‚ trader at Investec Asset Management in Cape Town.

Among individual stocks‚ Anglo American (AGL) added 3.11% to R277.50 after releasing a better than expected fourth-quarter production report on Friday morning. Kumba Iron Ore (KIO) dipped 0.47% to R588.01 after releasing a worse than expected fourth-quarter production and sales report this morning.

Anglo American Platinum (Amplats‚ AMS) gained 1.22% to R441.32‚ while AngloGold Ashanti (ANG) gave back 2.17% to R256.13 and Harmony (HAR) dropped 2.18% to R65.54. - I-Net Bridge

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