COMMODITY stocks on the JSE were hard-hit at midday on Tuesday as the greenback strengthened ahead of the US Federal Reserve’s interest-rate decision.
Commodity shares had been enjoying more stable and higher trade over the past few weeks as dollar strength appeared to ebb while fear over the state of the global economy diminished.
However, the risk of higher interest rates in the US this year has returned as the prime focus, and this has unsettled traders.
The Fed is expected to keep interest rates unchanged when it announces its decision on Thursday, but markets expect a hawkish stance in the central bank’s statement.
At 12pm, the all share was 1.03% weaker at 51,933.10 points. The blue-chip top 40 index had lost 1.09%.
The platinum index tumbled 4.82% and resources lost 4.25%. Gold miners were down 1.82%. Banks and financials were flat. Industrials declined 0.53%.
Stock markets in Europe were faring no better. By noon (CAT), the London FTSE 100 had lost 0.60%, the Paris CAC 40 0.75% and the German DAX 30 0.43%.
Among individual shares on the JSE, Anglo American plunged 9.02% to R111. Glencore dropped 6.35% to R31.11.
Gold Fields was 5.35% lower at R57.55. Impala Platinum fell 6.52% to R43.02.
Retailer Truworths gained 1.10% to R91.39.
Aveng rallied 6.56% to R3.41.
MTN Group was down 1.36% at R142.97.
Sovereign Food climbed 3.02% to R6.49.
Picture: MICHAEL ETTERSHANK
COMMODITY stocks on the JSE were hard-hit at midday on Tuesday as the greenback strengthened ahead of the US Federal Reserve’s interest-rate decision.
Commodity shares had been enjoying more stable and higher trade over the past few weeks as dollar strength appeared to ebb while fear over the state of the global economy diminished.
However, the risk of higher interest rates in the US this year has returned as the prime focus, and this has unsettled traders.
The Fed is expected to keep interest rates unchanged when it announces its decision on Thursday, but markets expect a hawkish stance in the central bank’s statement.
At 12pm, the all share was 1.03% weaker at 51,933.10 points. The blue-chip top 40 index had lost 1.09%.
The platinum index tumbled 4.82% and resources lost 4.25%. Gold miners were down 1.82%. Banks and financials were flat. Industrials declined 0.53%.
Stock markets in Europe were faring no better. By noon (CAT), the London FTSE 100 had lost 0.60%, the Paris CAC 40 0.75% and the German DAX 30 0.43%.
Among individual shares on the JSE, Anglo American plunged 9.02% to R111. Glencore dropped 6.35% to R31.11.
Gold Fields was 5.35% lower at R57.55. Impala Platinum fell 6.52% to R43.02.
Retailer Truworths gained 1.10% to R91.39.
Aveng rallied 6.56% to R3.41.
MTN Group was down 1.36% at R142.97.
Sovereign Food climbed 3.02% to R6.49.
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Change: 0.58%
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Change: 0.49%
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Change: -0.22%
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Change: 3.03%
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