Stock markets south of the border moved sideways over the trading period Sept. 15-21, with a quarter-point interest rate increase by the Federal Reserve making little impact on share prices. The Dow Jones Industrial Average was off fractionally at 10,244.93, down 73.23 points from the previous Tuesday, while the broader-based S&P 500 rose a little less than a point, to 1,129.30, in the same period.
With both the Fed’s rate increase (anticipated by the market for most of the week) and higher prices for crude oil pointing to an economic slowdown, the industrial-metals equities might have been expected to roll over, but instead they were stronger across the board. The Big Three all posted gains:
The gold stocks, in contrast, were all over the shop, even as bullion prices firmed slightly.
Shares in the large South African houses were better:
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