The world's biggest steel producer, Luxembourg-based ArcelorMittal, will buy a 16% stake in South African coal producer Coal of Africa (CoAL), CoAL said in a statement on Monday. ArcelorMittal will pay £66,7-million for new shares "representing approximately 16% of CoAL's issued capital", the statement said.
The JSE changed course to turn negative by midday on Tuesday as weaker world markets and a bit of local profit -taking set in. By noon, the broader all-share index had given up 0,99%. Banks pulled back 2,39% and financials retreated 1,87%. Industrials lost 1,08% and the gold-mining index dipped 0,95%.
The JSE had been lifted into the black by noon on Monday as firmer world markets and advances in the bank sector helped enliven the bourse after its soft opening. By noon, the broader all-share index had gained 0,92% to 29 016,26 points. Banks perked up 2%, while financials advanced 1,63% and industrials collected 1,66%.