Bourse extends losses as bullion weakness drags gold index down again
Reuters, Bloomberg
June 06 2002 at 08:53AM
Johannesburg - Gold stocks followed the metal price lower yesterday, extending the bourse's losses, but rand hedge stocks regained some ground as the currency weakened, traders said.
The all share index fell 0.82 percent to 11 279.8 as 104 stocks rose, 101 declined and 242 were unchanged.
The gold price pulled back in Europe, approaching the $320 an ounce level and retracing from its peaks above $330 on Tuesday.
Bullion weakness dragged the gold index down 6 percent as institutions moved out of gold miners like AngloGold and Gold Fields.
"The gold price has fallen further and that is why the market has weakened further. Rand hedges have cut their losses somewhat because the rand has weakened but they are still weak," a trader said.
Gold Fields fell 7.7 percent to R132. AngloGold lost 6.3 percent
to R643.64 and Harmony Gold shed 6.2 percent to R159.50.
Dual-listed stocks also put pressure on the market as offshore investors sought to catch up with their local counterparts on the London Stock Exchange, which reopened yesterday after a two-day holiday.
Anglo American fell 2.9 percent to R181. In London, Anglo cancelled early losses, rising 0.4 percent.
Banks and financial services companies rose on investor anticipation that the rand's recovery may ease pressure on the central bank to raise interest rates more than once this year.
Among gainers were FirstRand (by 2.6 percent to R8.36), Nedcor (1.5 percent to R133.50), Sanlam (3.7 percent to R9.15), Standard Bank Investment (1.7 percent to R36.10) and Absa (2.3 percent to R34.50).
The rand drifted lower against the dollar in tandem with importer demand, sparking interest in selected rand hedges.
Traditional rand hedge Sasol rose 1.3 percent to close at R114.50 despite a softer oil price as investors reckoned the share remained undervalued at present levels.
Industrials perked up 0.5 percent, led by beer producer SAB, which added 0.8 percent to R86.20.
Mining and industrial holding company Remgro notched up a 1.9 percent gain to R72.35.
But Swiss-based luxury goods firm Richemont fell 1.03 percent to R24.10 in anticipation of a decline in its full-year results due today, dealers said.
Metro Cash & Carry jumped 5.9 percent to R2.70 after South Africa's biggest grocery operator posted a second-half profit, from a loss a year ago.
Woolworth Holdings fell 0.2 percent to R4.42 after UBS Warburg analyst Darren Peter Cohn downgraded its rating to hold from buy.
<ul> ~ Quelle bitte hier anklicken</ul>
<center>
<HR>
</center> |
Thread-Ansicht
Mix-Ansicht
Reihenfolge
Thread gesperrt
