Investment update | The Magnificent Seven and passive investors

South African markets closed in the red yesterday, dragged down by losses in precious metal mining stocks. Platinum miners, Impala Platinum, Northam Platinum and Anglo American Platinum plunged 8.2%, 3.0% and 2.5%, respectively. Gold miners, Harmony Gold Mining, Sibanye Stillwater, AngloGold Ashanti and Gold Fields dropped 5.8%, 5.0%, 4.7% and 4.2%, respectively.

On the flipside, industrial equipment and services company, Barloworld jumped 10.3%, after the company released a cautionary announcement stating that it has entered into discussions, which, if concluded successfully, may have a material effect on the share price.

Pharmaceutical companies, Netcare and Aspen Pharmacare Holdings advanced 1.9% and 1.8%, respectively.