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/ 10 February 2009
Planned retrenchments currently stood at 35 000 for all sectors of the domestic economy, trade union Solidarity said on Tuesday.
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/ 29 January 2009
Lonmin, the world’s third-largest platinum producer, on Thursday reported platinum sales of 126 202 ounces in the quarter to end December 2008.
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/ 16 January 2009
Job losses will be widespread as mining companies restructure in view of weaker demand and lower resource prices, a consultancy said on Friday.
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/ 29 November 2008
The third-largest platinum producer in the world, Lonmin, announced on Friday that it had begun a process of retrenching 4 000 of its employees.
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/ 18 November 2008
Lonmin on Tuesday said it planned to suspend all its opencast operations from the end of this year as it scales back on unprofitable ounces.
Miner Xstrata said on Wednesday it would not to make a formal -billion takeover offer for number three platinum producer Lonmin.
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/ 8 September 2008
Mvelaphanda Resources denied on Monday it was in talks with Aquarius Platinum about a merger with the world’s number three platinum producer Lonmin.
The JSE hit a fresh record high on Thursday, buoyed by miners on firm commodity prices and a weaker rand, but overall the mood was dampened by global inflation worries due to the rising oil price. At noon, the JSE’s all-share index was up 0,98% at 33 230,590 after earlier touching a fresh all-time high of 33 309,820.
Resources stocks were the main feature of the JSE by midday on Thursday, with the overall market generally flat following an overnight decline on Wall Street. At 11.56am, the JSE’s broader all-share index was up 0,12%, helped by a 1,1% rise in resources, 0,89% advance in the gold mining index and a 0,39% rise in the platinum mining index.
Lonmin, the world’s third-biggest platinum producer, posted a 63% jump in first-half underlying earnings per share (EPS) on Thursday on strong platinum prices. Lonmin said EPS, excluding movements in the value of a convertible bond, rose to 132,5 cents for the six months to end March from 81,5 cents in the same period a year ago.
The JSE remained in the black at midday on Wednesday thanks to firm resources stocks, but banks and financials were under a bit of pressure. By 11.54am the JSE’s broader all-share index was up 0,34%. Resources added 1,01%, but the platinum-mining index, after having being stronger earlier, was now off 0,52% and the gold-mining index was down 1,14%.
Lonmin, the world’s third-biggest platinum producer, posted an 8,3% rise in second-quarter platinum sales on Wednesday, but again cut its full-year sales target following power problems in South Africa. Lonmin said refined platinum sales rose to 143 351 ounces in the three months to end-March from 132 345 ounces in the same period a year earlier.
South African stocks were little changed at noon on Tuesday in a thin-volume session, as some traders remained on the sidelines ahead of Wall Street opening. At midday the all-share index was neither here nor there (-0,06%) at 31 754,380. Resources were up 0,50% but the gold- and platinum-mining indices were down 0,16% and 1,63% respectively.
South African stocks hung on to earlier gains at noon on Monday, supported by firmer overseas markets, but the stronger rand and faltering gold prices restricted gains, traders said. By midday on Monday, the JSE’s broader all-share index was 0,77% in the black. Resources were up 1,21%, the platinum-mining index advanced 0,34% but the gold-mining index fell 0,70%.
The JSE remained firm by midday on Friday, with a trader saying that the market was consolidating after hitting record levels earlier this week. Starting from Wednesday, the bourse had two consecutive days of hitting all-time highs, but failed to close at its record peak of 32 130,75 points.
The JSE was trading just off its new record high by midday on Thursday as world markets and resources continued to add support. In the morning session, the bourse broke through Wednesday’s record and hit a fresh high of 32 127.051 points. By midday, the all-share index had gained 0,8% to 32,112,15 points.
The JSE kept toying with an all-time high by midday on Wednesday as resources continued to fuel the bourse. By noon, the JSE’s broader all-share index had risen 1,02% to 31 600,360 points. It reached an intra-day high of 31 700,350 points earlier, just off its all time high of 31 728,180 points hit in October last year.
Resources continued to gain momentum from the morning trade session, driving the JSE further into positive territory by midday on Monday. By noon the JSE’s broader all-share index had advanced 1,72% as resources were up 2,92%. The platinum-mining index climbed 0,94% while the gold-mining index edged up 0,04%.
Resource heavyweights Anglo American and BHP Billiton — which make up a substantial portion of the JSE — helped the bourse extend its gains by midday on Friday, traders said. By noon, the JSE’s broader all-share index had lifted 1,21%. Resources collected 1,83%, and the platinum mining index was up 0,8%, but the gold mining index decreased 1,34%.
Mining counters gave the JSE some extra momentum on Wednesday, pushing the bourse more than a percent higher by midday. At noon, the JSE’s broader all-share index was 1,29% in the black, driven by a 5,45% rally in the platinum-mining index. Resources advanced 2,47% and the gold-mining index rose 1,07%.
Heavyweight counters on the JSE’s resource and mining indices pulled back sharply on Thursday morning, as commodity prices started to lose ground, traders said. The slump in commodity prices forced the JSE’s broader all-share index to pull back 3,23% by noon.
International credit woes causing losses among overseas equity markets continued to dampen the JSE by midday on Friday. The JSE’s broader all share index had shed 0,45% by noon, which was led by a 2,5% decline in the bank index. Financials were down 1,86% and industrials gave up 0,57%.
Firm resource stocks helped the JSE extend its gains by midday on Thursday, even though bank and financial counters were softer. By noon, the JSE’s broader all-share index lifted 1,17%, led by a 1,94% advance in resources. The gold mining index recovered 0,98% while the platinum mining index edged up 0,04%.
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/ 14 February 2008
Firm world markets and stronger metal prices continued to support the JSE by noon on Thursday. At noon, the broader all-share index had risen 1,34%. Banks collected 2,33% and financials climbed 1,07%. Industrials advanced 1,44%, the platinum mining index gained 1,4%. Resources were 1,35% higher and the gold mining index added 1,16%.
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/ 11 February 2008
A tired-looking JSE was 89 points in the red by noon on Monday as weak global markets continued to weigh. By midday, the broader all-share index had shed 0,32%. The gold-mining index pulled back 1,42%, resources added 0,05% and the platinum-mining index was up 0,97%. Industrials fell 0,77%, financials were down 0,29% and banks gave up 0,29%.
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/ 8 February 2008
A firmer United Kingdom equities market added more support to the JSE by midday on Friday, lifting the bourse after a lacklustre start. By noon, the broader all-share index had gained 0,6%. Banks collected 1,36% and financials advanced 0,65%.
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/ 26 January 2008
The ”nightmare” of South Africa’s major gold, platinum and diamond mines shutting down because of power failures became a reality on Friday. ”Tens of millions of rands a day are being lost. It’s a nightmare,” said T-sec chief economist Mike Schussler. The JSE gold mining sub-sector closed almost 6% lower on Friday. The move contributed to the gold price rising.
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/ 24 January 2008
Bargain hunting among global equity markets underpinned a solid performance on the JSE on Thursday, lifting it by 3,3% at noon. By the same time, resources had collected 4,74%, the platinum-mining index advanced 5,1% and the gold-mining index added 1,51%. Industrials perked up 2,25%, financials gained 2,2% and banks were 2,07% higher.
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/ 24 January 2008
Lonmin, the world’s third-biggest platinum producer, cut its sales outlook for the current year on Thursday after a 19 % fall in first-quarter refined platinum output. The London-listed firm said in a statement it expected 860 000 ounces of refined platinum sales during the year ending September 2008, compared with a previous forecast of 900 000 ounces.
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/ 17 January 2008
Resource heavyweights Anglo American and BHP Billiton forced the JSE to turn around from its positive start, dragging it lower by midday on Thursday. At noon, the broader all-share index shed 0,44% as resources lost 2,07%. The platinum- and gold-mining indices pulled back 1,14% and 0,27% respectively.
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/ 16 January 2008
The JSE remained sharply weaker by midday on Wednesday, in line with other world markets, which were also experiencing a bumpy ride. At noon, the JSE’s all-share index was 2,97% in the red. The gold- and platinum-mining indices slumped 4,09% and 4,07% respectively, while resources were off 3,27%.
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/ 21 December 2007
The JSE extended its gains by midday on Friday as firmer world markets continued to direct it higher. By 12.02pm, the JSE’s all-share index had collected 1,95%, led by a 2,95% advance in the platinum mining index. Resources added 2,73% and the gold mining index rose 1,83%.