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JSE takes strain as Lonmin, Richemont lead lossess

Alsi down 2%.

South African shares fell on Friday, dragging the Johannesburg All Share index down 2%. Resource counters were among the worst performers and fell by 5.2% with platinum miner Lonmin leading the pack with a 15.5% drop.

Battered by strikes, rising costs and weak platinum prices, Lonmin said last month it planned to raise money and another $370 million in bank loans to refinance debt due in May 2016.

Steel maker ArcelorMittal South Africa fell 6% after it said it intended to raise up to $323 million in a rights issue to cut its debt and fund a capital programme.

Luxury goods company Richemont also made its way to the top of the decliners list. The owner of the Cartier brand fell 8% after it warned of a challenging second-half after first-half net profits grew less than expected, as strong demand for high-end jewellery could not make up for weaker luxury watch sales in Hong Kong.

 

 

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