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START YOUR MORNING BY LISTENING TO TODAY’S BIZNEWS BREAKFAST BRIEFING – More pain for Rand; SA ‘Failed State’ getting closer; US bank quarterlies disappoint, hits US market
Catch up with the latest on BizNews.com
- SA’s secret sauce – Megans who make such a difference
- Denel’s in the dwang again auctioneers close in on assets
- Robbing Peter to pay Paul not way to go – Anthea Jeffery
- DA launches #CeleMustGo petition
- Amalgamation of intelligence branches a recipe for abuse
- Flagpoles to blowing trumpets, Mthethwa’s orchestra capture
- Scaling investments in renewable energy… at right price
- Warren Buffett’s Berkshire plows more money into big oil – with insight from The Wall Street Journal (Premium)
- Rand’s 17% three month plunge exactly offsets US tech stock market drop (Premium)
The astonishing crumbling of JSE’s resources stocks
While researching for this morning’s BizNews Breakfast Briefing, I got sucked into some astonishing data. My Warren Buffett-inherited belief that the best companies to co-own are those leveraging human ingenuity has kept me away from resources stocks. Except to marvel at those who called their cycle correctly outperforming in the monthly Corion Report.
But after a 6% smack in the JSE’s Resources index yesterday, I took a closer look. And was astonished how what has happened there makes the US’s much publicised Tech Wreck appear mild by comparison.
In the last four months while the Nasdaq dropped 17%, the share price of local mining hero Sibanye has halved (from R75 to R38); Impala has fallen from R275 to R152 and Kumba from R680 to R440.
SA’s other mining counters have had a similar experience. It’s carnage wherever you look. What point might that prove? I really don’t have a clue. Except to be reminded those kites which fly highest in the updraft also tend to fall fastest when the wind changes.
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