The local market saw a 12.3% decline for the second quarter of 2022, as recessionary fears and rising rates both locally and internationally continue to have an impact on world economies. RESOURCES The JSE Resources 10 index (RESI10) saw a significant pullback, losing just shy of 22% for the period, and was the worst performing sector for the second quarter of 2022. This was largely attributable to an effective decrease in international resource prices. We saw the palladium price down by 14.5%, the platinum price down by 9.1%, and gold weaker by 6.7%. The price of brent Crude oil was up almost 6.5% due to a tightening of sanctions against Russian supply, together with a cut in Libyan oil production. Weakness in the resources sector was broad-based, with Anglo-American (AGL) down 24%, BHP Billiton (BHP) down 22%, African Rainbow Minerals (ARI) down 25%. Gold and platinum counters were also not spared the rod with AngloGold (ANG) weaker by 30%, Harmony (HAR) -30%, Goldfields (GFI) -33%, Amplats (AMS) -30%, Impala (IMP) -20%, Northam (NHM) -36% and Royal Bafokeng (RBP) -9%. Stronger showings in the sector came from shares benefiting from the uncertainty caused by the war in Ukraine. Sasol (SOL) was […]
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