The local stock market closed 0.47% firmer at 67,782.20 points despite a slump in commodity prices.
Kumba Iron (-7.80%), Exxaro (-4.93%), BHP (-2.68%) and Anglo American (-0.89%) bled after iron ore prices plummeted to below $100 a ton amid shrinking steel output in China and signs that economic growth is facing mounting headwinds. Bloomberg reports iron ore futures in Singapore dropped 8.1% to $92.10 a ton in late afternoon trading.
Gold, platinum and palladium also stumbled, leading mining companies into a mixed performance. Among the golds Sibanye-Stillwater gained 2.44%, Anglogold 0.31% and Gold Fields 0.26%, while Harmony dulled 1.59% and DRDGold 2.04%. PGMs were also mixed, with Northam adding 4.92%, RBPlats 1.79% and Implats 0.21%, while Angloplats gave up 1.21%.
At last count gold was trading down 0.2% at $1,787.93, palladium 1.97% weaker at $2,015.00 and platinum down 1.72% at $1,047.16.
Buoying the bourse were retailer Massmart, with a 8.56% after posting higher nine-month comparable store sales and progress towards a cost savings target under its turnaround plan, and Old Mutual (+5.64%) after the financial services firm gained all the regulatory approvals required to unbundle its 12.2% stake in Nedbank (+3.54%).
Other notable gainers were Bytes Technology, which gained 4.85% after US-based Capital Group bought a sizable stake in the technology group, and Rand Merchant Investments which added 4.51%.
In the forex market, the rand was stuck in tight ranges and was last trading at R14.40 against the US dollar ahead of the Federal Reserve interest rate decision tomorrow.
Indicators as at 17:00
Currencies
EURUSD 1.1590
EURZAR 17.9006
GBPUSD 1.3621
GBPZAR 21.0375
AUDZAR 11.5018
CADZAR 12.4546
CNYZAR 2.4132
ZARJPY 7.3629
CHFZAR 16.8944
USDAOA 596.80
Bonds and equities
R186 8.25%
US 10 Year 1.55%
JSE 0.52%
FTSE -0.38%
S&P 500 0.27%
Commodities
Gold $1 790.20
Plat $1 038.99
Plad $2 024.82
Rhod $14 090.00
Irid $4 490.00
Ruth $618.00
Copp $9 816.85
Brent $84.23
Iron Ore 62.5% $102.58
Coal API4 $120.00
Gold ZAR R27 633.53
Plat ZAR R16 037.85
