Fin24

JSE slides‚ miners weigh

By: I-Net Bridge 2012-07-23 11:41

Johannesburg - The JSE slid to its lowest level in four days at the start of trading on Monday in line with global stocks‚ amid festering eurozone concerns.

“Spain is back in focus‚ with its benchmark yields rising after the Valencia region asked for financial help on Friday. This has brought equity markets sharply down across Asia and Europe and we are following the trend‚” said Ryan Wibberley‚ equity dealer at Investec Asset Management.

The action has fuelled investor fears that the indebted eurozone country could be the next after Ireland‚ Portugal and Greece to ask for a financial bailout.

At 9:44‚ the All Share [JSE:J203] index was down 1.19% to 33‚ 818.70‚ while big movers in the early session were Anglo American [JSE:AGL]‚ which lost R7.11‚ to R255.89 and BHP Billiton [JSE:BIL] gave up R5.56‚ to R230.02.

Anglo Platinum [JSE:AMS] gave up R8.50‚ to R415 after the world's biggest producer of the metal reported a 78% decline in diluted headline earnings per share to 272 cents for the six months ended June 2012 from 1‚232 cents a year ago. The drop was primarily due to lower sales volumes and weaker average realised rhodium and nickel prices.

Aquarius Platinum [JSE:AQP] was off 19 cents‚ or 3.45%‚ to R5.31 after the platinum producer reported attributable production of 98‚143 ounces for the quarter ended June 2012 from 97‚802 ounces in the previous quarter.

Anglo Ashanti [JSE:ANG] gained R4.25‚ to R261.50 after the gold producer posted a 9% rise in gold production in the second quarter of 2012‚ to 1.073 million ounces‚ compared with the first quarter.

Investec [JSE:INL] was down R1.80‚ to R48.80 after going ex-dividend.

 
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