The JSE All Share index declined 2.0% to close at 72,999.63. Picture: Karen Sandison/ Independent Newspapers.
South African markets closed in the red yesterday as escalating tensions in the Middle East and delayed rate cuts in the US dented investor sentiment.
asset management company, Anchor Capital said that platinum miners, Anglo American Platinum, Impala Platinum and Northam Platinum dropped 6.4%, 4.0% and 3.7%, respectively.
“Gold miners, Sibanye Stillwater, Harmony Gold Mining and Gold Fields declined 5.1%, 3.2% and 2.3%, respectively. Diversified miners, Kumba Iron Ore, Pan African Resources and Anglo American shed 4.9%, 4.7% and 3.7%, respectively. Retailers, SPAR Group, Clicks Group, Foschini Group and Lewis Group fell 3.0%, 2.4%, 1.8% and 1.7%, respectively. Lenders, Nedbank Group, Standard Bank Group and Capitec Bank Holdings eased 2.0%, 1.9% and 1.6%, respectively,” the company said.
The JSE All Share index declined 2.0% to close at 72,999.63.
On Wednesday morning, brent prices fell 0.5% to trade at $89.6/bl.
·Anchor Capital said that yesterday, Brent prices fell 0.1% to settle at $90.02/bl, as economic headwinds weighed on investor sentiment.
Gold prices slightly declined to trade at $2,382.61/oz.
“Yesterday, gold marginally gained to close at $2,382.83/oz, as rising geopolitical tensions in the Middle East boosted demand for the safe haven yellow metal. Copper declined 1.3% to close at $9,376.25/mt. Aluminium closed marginally lower at $2,571.34/mt,” Anchor Capital said.
The South African rand also weakened against the US dollar.
In the US, industrial production rose in March. Meanwhile, both, housing starts and building permits declined in March.
"The yield on benchmark government bonds rose yesterday. The yield on the 2030 bond advanced to 11.14%, while that for the longer-dated 2040 issue rose to 13.56%,“ Anchor Capital said.
On Wednesday morning, the US dollar is trading 0.2% lower against the South African rand at R19.0125, while the euro is trading 0.1% lower at R20.2199. The British pound has declined 0.1% against the South African rand to trade at R23.6499.
·“Yesterday, the euro mostly advanced against most of the major currencies. In Germany, the ZEW economic sentiment index climbed more than expected in April. The euro advanced 0.1% against the US dollar to trade at $1.0633, while it has marginally gained against the British pound to trade at GBP0.8550,” Anchor Capital said.
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