The JSE all-share index is just under half of a percent weaker in morning trade following weaker Asian markets this morning.
In company news this morning, Harmony Gold Mining in its results for the second quarter indicated that production decreased by 10% quarter-on-quarter due to stoppages with the company posting a profit of R618 million with a headline loss of R496 million.
Anglo American Platinum in its summarised group financial results for the year ending in December of 2014 noted an operating profit of R843m compared to a loss of R1.97bn in 2013. Headline earnings of R786m compared to R1.45bn in 2013.
Sibanye Gold Ltd has released a trading statement for the year ending December 2014, advising that profit attributable to shareholders is estimated to be between R1.55bn and R1.63bn, 8 – 4% lower than that reported previously. Headline earnings are expected to be 38 – 35% lower.
Taking a look at Currencies, the Rand is trading at R11.53 to the Dollar, R13.09 to the Euro and, R17.58 to the British Pound. In commodities trade metals are slightly up with Gold trading at $1,240/oz., Platinum at $1,231/oz. and Brent Crude Oil off under half of a percent at $57.53/barrel.
Chart of the day
The chart of the day highlights the move on Sibanye Gold after the release of its trading statement guiding toward lower profits, and news of operations at the Beatrix Mine being suspended following violent altercations between AMCU and NUM which left nine mineworkers injured.
The share price is down over 3% today, having broken below the support at around R30. Given the negative news and outlook the next support level at R28 becomes important to watch.
Sibanye Gold Ltd
