JSE slips as traders expect quiet day due to US holiday

The JSE was down on Monday morning and could be set for a quiet day of trade as the US markets close for a public holiday.

The local bourse, which capped its fifth consecutive day of gains on Friday, had been lifted by positive sentiment regarding the signing of the first phase of a trade deal between the US and China last week.

The price of Brent crude oil jumped to its highest level in almost two weeks on Monday after two large oil production bases began shutting down after forces closed a pipeline in Libya.

Earlier, the Shanghai Composite was up 0.66% and Japan’s Nikkei 225 0.18% while Hong Kong’s Hang Seng was down 0.9%. Analysts are expecting subdued trade as the US markets are closed for a public holiday.

At 10.29am, the JSE was down 0.11% to 58,934.1 points and the top 40 had lost 0.11%. Gold miners climbed 3.58% and the platinum mining index 1.59%. 

Intu Properties said on Monday that it was targeting an equity raise in February as it looks to fix its balance sheet. Its share price was down 5.16% to R4.04.

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