News Column

Market Report

June 26, 2014

stocks fell 1 percent yesterday, led by Anglo American Platinum, as investors remained cautious about a recovery in the mining sector after the end of a five-month strike.

Thousands of miners downed tools at Amplats, Impala Platinum and Lonmin in January demanding higher pay, and returned to work only yesterday after sealing three-year wage deals with the companies.

"A lot of talk has come out about the real cost of the strike, the reality of the whole thing," said Ferdi Heyneke, portfolio manager at Afrifocus.

"There could be retrenchments, which will cause volatility, and we are seeing the impact of that on the shares."

Amplats shares fell 6.16 percent to R457, making it the biggest decliner on the day, while Implats was down 4.05 percent to R109.37. Lonmin shed 3.81 percent to end at R43.90.

The JSE Top-40 index ended down 1.06 percent at 45 383 and the broader All-share index also gave up 1.06 percent to 50 350.

Declining shares outnumbered gainers - 234 to 101. - Reuters

Cape Argus

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Source: Cape Argus (South Africa)

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