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Hope of a resolution to end the platinum sector strike boosts the JSE

by , 23 April 2014

Yesterday, the Johannesburg Stock Exchange ended the day strongly higher. One of the main forces driving the local bourse up was renewed talks between platinum producers and the Association of Mineworkers and Construction Union (AMCU). This gave investors hope that an end to the lengthy strike was in sight. Let's take a closer look at what happened on the JSE yesterday…

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The JSE closed firmly higher

After the holiday weekend, the JSE closed higher yesterday. The Top 40 Index ended 0.61% up at 43,711.36 points. The All Share Index ended 0.58% stronger at 48,643.31 points.

The platinum producers affected by the three-month long strike all rose “around 1%,” reports IOL. New wage talks benefitted mining shares.

Anglo America, Impala Platinum and Lonmin resumed talks with the AMCU yesterday after the producers tabled a new offer last week. These talks are set to continue today.

The main indices all ended higher, “except gold miners,” says BDLive. The Platinum Index led the way, adding 0.97%. The Gold Index shed 0.67%, following the lower gold price.

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It was a quiet day on the JSE

But trading was thin on the ground after the holiday weekend, notes Fin24. And with the general election just two weeks away, “investors reduced activity”.

A trader at Independent Securities, Ryan Woods, says the market is awash with “too much uncertainty at the moment, particularly with the mines and elections,” adds IOL.

Ferdi Heyneke, a portfolio manager at Afrifocus, said it was “interesting to see there’s still some buying interest” in platinum shares with the ongoing strike, notes BDLive.

The Financial Index also had a good day after shares of Old Mutual rose “more than 2%,” adds BDLive. Food retailer Pick n Pay also had a bumper day with its shares rallying 5.49%.

Let’s see what the new trading day brings. Investor eyes will be waiting for news from the platinum sector wage talks.

Hope of a resolution to end the platinum sector strike boosts the JSE
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