JSE slips as markets await next move in US-China fight

The JSE was lower on Wednesday morning, tracking  global markets, as investors await some direction in the US-China trade war while several local companies are expected to publish their financial results today.

The markets have been closely watching the trade spat after it escalated in the past week fueling concerns about the effect of the prolonged dispute on global economic growth. 

Earlier, the Shanghai Composite was down 0.29% and Hong  Kong’s Hang Seng 0.15% while Japan’s Nikkei 225 was up 0.11%. In Europe, the FTSE 100 was flat while France’s CAC 40 lost 0.67% and Germany’s DAX 30 0.44%. 

At 10.18am, the JSE all share was down 0.17% to 53,801.50 points and the top 40 was 0.24% lower. Industrials lost 0.94% while gold miners were up 2.21%.

Distell had dropped 3.94% to R125.07 after the wine and spirit maker said on Wednesday that its headline earnings fell 1.7% in the year to end-June. 

Dis-Chem Pharmacies was up 1.49% to R21.06. The company said its retail revenue increased 12% to R9bn in the five months to end-July.

Bidcorp climbed 3.37% to R312.43. The company said on Wednesday that its annual dividends increased 14.3% to 640c per share in the year to end-June. 
 
Adcock Ingram jumped 3.96% to R57.70 after the pharmaceutical company said on Wednesday that its total dividend increased 16% to R2 in the year to end-June. 

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