The JSE is trading negative in morning trade, with the all-share index giving back 0.8%. Industrials are trading 1.2% lower, resources are down by 0.15% and banks are trading 0.38% higher.
In company news; Pan African Resources released full-year results for the year ended 30 June 2014. Key features included; the group’s gold sold increased by 44.2% and group headline earnings decreased by 7.2% to R452 million.
For the first time Phoenix Platinum was both cash generative and profitable in the 2014 financial year, gold mineral reserve inventory increased by 9.8% whilst gold mineral resource inventory decreased by 4.6% and net debt for the group increased marginally to R101 million.
The rand is trading weaker against the majors this morning; R10.93 to the Dollar, R14.15 to the Euro and R17.68 to the British Pound. Looking at commodities,Gold is trading at $1,239/oz, Platinum at $1,363/oz and Brent Crude Oil is trading at $97.75/barrel.
In economic news, British CPI figures came in on expectation, whilst German economic sentiment figures were slightly better than the forecast. We also await US PPI figures out at 14:30 this afternoon, local time.
