JSE flat as mining labour woes mount

Platinum (Amplats) and subsequent job losses could lead to further pressure on the industry.
Amplats miners went on strike on Tuesday night after the restructuring news but returned to work on Wednesday night, the National Union of Mineworkers said yesterday.

Globally, investors are waiting for this morning’s Chinese fourth-quarter gross domestic product data and December’s monthly data set, which will provide market direction.

At 9.37am‚ the all share index was flat, off just –0,09 percent at 39 844,71 points, with retailers adding 0,45 percent, while gold and platinum counters gave back 0,54 percent and 0,45 percent respectively. Resources lost 0,37 percent.

In the East Japan’s Nikkei 225 closed 0,48 percent lower and the Hong Kong Hang Seng index was trading 0,2 percent softer at 9.21am local time.

International data had been relatively unexciting, Rand Merchant Bank said in a morning note.
“US inflation dropped to 1,7 percent year on year in December, safely below the 2 percent level that leads everyone to worry. US Federal Reserve hawks are not impressed and continue their media blitz warning about the dangers of quantitative easing.

“US industrial production jumped a decent 0,3 percent in the month, which was expected,” RMB said.
Among individual shares on the JSE, Anglo American shed 1,26 percent to close at R266,38.
Anglo American Platinum dipped by 1,17 percent to R452,82 and Aquarius slumped 4,75 percent to R9,83.

AngloGold Ashanti dropped 1,34 percent to R257,49. ArcelorMittal gave back 2,7 percent to R36,08 and Coal of Africa shed 6,14 percent to R2,75. — BusinessDay.