{"id":8497,"date":"2012-03-02T02:48:13","date_gmt":"2012-03-02T00:48:13","guid":{"rendered":"http:\/\/www.myza.co.za\/03\/s-african-stocks-end-flat-as-miners-fall-banks-gain\/"},"modified":"2012-03-02T02:48:13","modified_gmt":"2012-03-02T00:48:13","slug":"s-african-stocks-end-flat-as-miners-fall-banks-gain","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-african-stocks-end-flat-as-miners-fall-banks-gain\/","title":{"rendered":"S.African stocks end flat as miners fall, banks gain"},"content":{"rendered":"

\t\t<\/span><\/p>\n

JOHANNESBURG, March 1<\/span> (Reuters) – South African stocks
\nclosed flat on Thursday as commodity shares, particularly the
\ngold producers, pulled the market lower after an overnight fall
\nin the spot price and the strengthening of the rand currency.<\/span><\/p>\n

<\/span><\/p>\n

The blue-chip Top-40 index edged down 0.07 percent
\nto 30,526.43 while the broader All-share index closed
\n0.01 percent up at 34,298.48.<\/p>\n

<\/span><\/p>\n

Gold stocks declined in early trade after a 5 percent
\novernight fall in the spot price after U.S. Federal
\nReserve Chairman Ben Bernanke gave no hints of a third round of
\nquantitative easing.<\/p>\n

<\/span><\/p>\n

While bullion clawed back some of its losses, adding more
\nthan 1 percent during the day’s trade, local gold stocks failed
\nto catch up. The rand also weighed as it added 0.5
\npercent on the day.<\/p>\n

<\/span><\/p>\n

A stronger rand has a negative impact on local miners
\nbecause most of their costs are priced in the domestic currency
\nbut their product fetches dollars.<\/p>\n

<\/span><\/p>\n

The country’s top three gold producers all ended lower with
\nHarmony Gold Mining the worst hit. Its shares were
\nknocked more than 3.7 percent to 95.33 rand while rival Gold
\nFields closed 2.5 percent lower at 115.83 rand.<\/p>\n

<\/span><\/p>\n

Shares in AngloGold Ashanti, Africa’s largest gold
\nproducer, fell 2.45 percent to end at 317.75 rand.<\/p>\n

<\/span><\/p>\n

“It’s been a double negative for gold stocks with the gold
\nprice falling on U.S Federal Reserve Chairman Ben Bernanke’s
\ncomments last night and on the stronger rand,” said Afrifocus
\nSecurities portfolio manager Ferdi Heyneke.<\/p>\n

<\/span><\/p>\n

Heyneke said the entire precious metals complex was hit and
\nplatinum stocks also had a bad day with the largest producers
\nending lower.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

JOHANNESBURG, March 1 (Reuters) – South African stocks closed flat on Thursday as commodity shares, particularly the gold producers, pulled the market lower after an overnight fall in the spot price and the strengthening of the rand currency. The blue-chip Top-40 index edged down 0.07 percent to 30,526.43 while the broader All-share index closed 0.01 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-8497","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=8497"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8497\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}