Arab Today, arab today safrica stocks at record high despite mine strike
Last Updated : GMT 22:03:31
Arab Today, arab today
Arab Today, arab today

S.Africa stocks at record high despite mine strike

Arab Today, arab today

Arab Today, arab today S.Africa stocks at record high despite mine strike

Johannesburg - AFP

The Johannesburg Stock Exchange has reached record highs despite forecasts of a fall amid the global crisis and deadly strikes at a platinum mine, where police opened fire on strikers. The JSE\'s All Share Index reached an all time high of 35,897.69 points on Monday, while the Top 40 Index also rose to its best-ever level. The two indexes of Africa\'s largest stock exchange have both jumped 12 percent since the start of the year. The phenomenal growth surprised analysts, especially after 44 people were killed at Lonmin\'s Marikana platinum mine two weeks ago -- of which 34 were gunned down by police. Production at the world\'s third platinum producer has been at a standstill since the wildcat strikes for higher wages started on August 10. \"At first glance, it seems quite odd,\" said Richard Schellbach from Citigroup in Johannesburg. \"The global economy is not doing well, and the South African economy is declining, or actually is not growing as much as we thought it would,\" he added. Nedbank analyst Dennis Dykes said the news meant little in the current economic climate. \"As far as the JSE is concerned in terms of boasting, it is not necessarily a cause for happiness,\" he said. South Africa, the continent\'s largest economy, has had to review its economic growth forecast downwards by 1.5 percentage point to about 2.6 percent this year, the analyst said. Heavily sensitive to conditions in Europe, the country has been hard hit by the global financial downturn. The radical left of ruling African National Congress has consistently insisted on the nationalisation of mines and redistribution of wealth. Such constant manoeuvring would usually unnerve investors. Meanwhile the Lonmin strikes have highlighted the dismal conditions which mineworkers face, which could spark similar protests at other mines in the sector. Some brokers however point out the Marikana unrest has dragged down the exchange rate of national currency, the rand. This in turn favoured exporters, especially of raw materials, which are priced in dollars. Dykes also highlighted external factors, like the US Federal Reserve Bank\'s upcoming symposium at Jackson Hole or the European Central Bank\'s expected actions to regulate the euro zone crisis. Despite troubles in South Africa\'s mining sector \"all the other sectors you don\'t necessarily think of have done exceptionally well\" on the JSE, said Schellbach. Many companies in healthcare, general retailers and media were \"well-managed and prudent\", he added. \"The local consumer is still able to borrow, he is still able to spend,\" says Ryan Seborne of 36One asset management. \"The balance sheets are in a good shape.\" Shaun Murison of IG Markets South Africa agreed. \"The recent retail trade sales figures released, show year-on-year growth of 8.3 percent, which has been reflected in good earnings and consensus beats in the individual company results, supporting the local and foreign investment within the sector,\" he said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today safrica stocks at record high despite mine strike Arab Today, arab today safrica stocks at record high despite mine strike

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Rebel supporters flood Yemen streets

GMT 06:39 2017 Monday ,27 March

Rebel supporters flood Yemen streets

GMT 17:28 2017 Monday ,27 March

Vietnam's capital Hanoi stock index ends up

GMT 16:09 2017 Monday ,27 March

Seoul shares end lower

GMT 13:54 2017 Monday ,27 March

Bahrain Bourse daily trading report

GMT 11:48 2017 Sunday ,26 March

US stocks decline on Trump policy uncertainty

GMT 19:32 2017 Saturday ,25 March

US Stocks Close Mixed
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Nermein Al Fekki films “Foxes in the Valley”

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday