The JSE closed stronger on Thursday, with platinum group metals (PGM) miners leading the gains.
PGM mining shares increased the most in intraday trading, with the top five-performing JSE shares all being PGM miners.
Impala Platinum was up 9.99%, Sibanye-Stillwater 7.26% and African Rainbow Minerals 3.72%, while Northam Platinum’s share price increased the most since March 2020, gaining 16%.
The share price of Anglo American Platinum (Amplats) increased 13.82% — the largest intraday increase in more than a year — after the group released third quarter results. While PGM production was down 10% year on year, Amplats raised production guidance for refined PGMs after their output shot up 22%.
At 6pm, platinum was up 0.19% on the day, while the price of palladium had soared more than 9%. The gold price declined slightly, having hit a record high earlier this week.
Citadel Global director Bianca Botes said markets were concerned about a slower pace of interest rate cuts by the US Federal Reserve, causing gold prices to retreat.
“The dollar continues to dominate at three-month highs and Treasury yields are also creeping higher as US election fears are directing the market landscape, with short-term event risk now being priced into asset prices,” said Botes.
The rand tracked marginally stronger at R17.6894/$, having lost more than 1.5% overnight on the back of a stronger dollar.
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