The JSE Securities Exchange SA opened a tad firmer on Tuesday in quiet trade. Gold stocks opened flat after posting big losses on Monday. With the US markets closed on Monday and the gold price and rand steady, there was little direction for the local bourse. US markets were closed on Monday for the Presidents Day Holiday.
Faced with fierce global competition from heavily subsidised farmers in Europe and elsewhere, Maluti Fruit Co- operative, one of South Africa's largest new apple growers, says the South African government should assist the apple industry.
Gold stocks tumbled into the red at the opening on Monday on the back of a lower bullion price and a poor performance by their ADRs in the US on Friday. Leading the upside were heavyweight dual-listed stocks, which were reaping the benefits of a softer rand and strong close on Wall Street.
Gold stocks were off to a strong start on the JSE Securities Exchange South Africa (JSE) on Friday, buoyed by a better bullion price and a strong performance by the ADRs in the US overnight. However, overall the market was flat, with the firmer currency doing little to help heavyweight dual-listed stocks.
South Africa's Trade and Industry Minister Alec Erwin has ruled out any additional smelters at Richards Bay, however, he says there are "four or five" major industrial projects in the pipeline involving ferro-alloys, mineral processing, agro-processing as well as aluminium linked projects.
South Africa's total manufacturing production soared by 5,4% in 2002, Statistics South Africa (Stats SA) reports. This was the highest annual increase since 1995, when manufacturing production surged by 8,1% after six years of subdued growth.
South African pulp and paper producer Sappi on Monday announced that Jonathan Leslie, currently Chief Executive of the Diamonds and Gold Group of Rio Tinto plc, will join the group in April this year as Chief Executive Officer.
South African Minister of Labour Membathisi Mdladlana on Friday warned farmers and their representative bodies to stop threatening to retrench agricultural workers as a way to get the government to change agricultural legislation.
The strengthening of the rand and falling output herald "nasty" times ahead for South Africa's gold mining industry. Three of the four largest gold producers this week reported an earnings crash, while the largest, AngloGold, predicted a rough six months ahead.
The JSE Securities Exchange South Africa opened in positive territory on Tuesday, buoyed by heavyweight resources counters. This was after Iraq war jitters saw the gold price soar above the $375 an ounce level for the first time since November 1996.
Loading latest Press Releases…