JSE hovers near four-month low
The JSE was subdued on Tuesday, hovering near a four-month low as uncertainty persists both domestically and in global markets.
The Shanghai Composite earlier gained 0.61%, the Hong Kong Hang Seng had risen 0.38% and Japan’s Nikkei 225 0.31%.
The Asian markets received a boost following US president Donald Trump’s visit to Japan where he expressed confidence in the trade negotiations between the two countries. Trump’s four-day trip came in the midst of the prolonged trade war between the US-China, which escalated in May after the US blacklisted Chinese telecoms company Huawei.
Local focus remains on the composition of President Cyril Ramaphosa’s new cabinet, with reports on Tuesday suggesting that ANC deputy president David Mabuza may receive a position in the executive, despite declining a position as an MP last week. Mabuza cited a need to clear himself of allegations of impropriety, but the ANC’s integrity commission is reportedly set to release a report later in the day.
At 10.45am, the JSE all share and the top 40 were both down 0.27%, with the all share at 54,340.3 points. Platinum and gold miners rose 3.69% and 2.46% respectively, while banks fell 2.28% and general retailers 1.72%.
Gold was unchanged at $1,284.73/oz and platinum fell 0.22% to $809.35. Brent crude was unchanged at $70.02 a barrel. The rand had weakened 1.04% to R14.5773/$.
Sibanye rose 5.77% to R11.92, Gold Fields 2.51% to R55.85 and AngloGold Ashanti 1.8% to R167.69.
Lonmin gained 9.36% to R11.80, Impala Platinum 3.95% to R54.99, Northam 3.24% to R52.96 and Anglo American Platinum 3.11% to R676.39.
Cartrack climbed 5.74% to R16.39, after reporting that its total revenue grew 28% to R1.69m for the year ended-February.
Astral Foods fell 6.17% to R160.82, as the company said on Tuesday that issues with its water-supply facility in Standerton had cost Astral Foods at least R85m.
No local data is expected on Tuesday. Import prices and consumer confidence figures have been released in the EU, and the US is expected to release its house price index and consumer confidence.
Source: businesslive.co.za
