The JSE opened up positively on Tuesday, but took a fall in the afternoon as both the S&P 500 and Dow Jones were down in the early morning trading. The JSE All Share Index closed by adding 0,19% to 73 971 points. Markets were struggling for direction awaiting the confirmation hearing of Federal Reserve chair Jerome Powell before the Senate Banking Committee, ongoing as this Market Wrap was published. Traders worry over sooner than expected interest rate hikes, putting pressure on equity markets.
JSE’s winners today were all in the mining industry. The Kumba Iron Ore share was up 9,49% after having presented full year 2021 guidance and outlook for 2022 to 2024. “Our production performance in 2021 is expected to be 7% higher than that in 2020, demonstrating our operational resilience and ability to manage through external challenges”, commented company CEO, Themba Mkhwanazi.
Sibanye-Stillwater rose 7,12% to 5555 and Alphamin was up 6,67% after announcing record production volumes as well as Q4 EBITDA guidance of $74 million, up 38% from the previous quarter. The company also announced a cash dividend of CAD 0.03 per share, equivalent to R0,37.
The trading in the Rand was slower today than the previous couple of days and closed fairly flat at R15.56 against the dollar. Gold was up 0,71%, Platinum up 1,22 % and Palladium down 0,04%. Today’s winners were Nickel, up 1,59% and Brent Crude Oil up 1,47%.
Indicators as at 17:00
Source: TreasuryONE
