JSE tracks lower global markets, as oil jumps above $75 a barrel
The JSE weakened on Thursday morning, in line with lower Asian and European markets, with investors remaining wary of a global economic slowdown.
Disappointing eurozone data on Wednesday brought concerns about the global economy to the fore.
US markets weakened overnight while the Shanghai composite was 2.43% lower in Asian trade on Thursday.
A rising oil price is also generating some jitters, pushing to a 2019 high on Thursday as tensions between the US and Iran escalate. Iran has threatened to close the Strait of Hormuz in retaliation for US sanctions aimed at reining in its nuclear programme.
At 10.02am the all share was down 0.5% to 58,809.8 points and the top 40 0.55%. Gold miners had added 1.46% while industrials lost 0.79%.
Brent oil had jumped 0.97% to $75.20 a barrel. Platinum was up 0.36% to $886.44/oz and gold 0.18% to $1,277.79.
Rand hedge AB InBev was down 1.32% to R1,269.95 and British American Tobacco 1.33% to R562.40.
Long 4 Life gained 3.71% to R4.75. It said earlier it expected headline earnings per share to rise by between 22% and 32% in the year to end-February.
Vodacom recovered 1.12% to R117.16, having slumped 4.29% on Wednesday. The Competition Commission had said then that it and MTN were charging far more for data in SA than in the other countries in which they operated, and recommended immediate price relief for consumers.
Naspers fell 1.5% to R3,654.86.
At 10.30am Comair was flat at R4.50, paring earlier losses. The Labour Court ruled earlier that a strike by some of its ground staff may not go ahead. Members of the National Union of Metalworkers of SA (Numsa) had threatened to strike during the Easter weekend, but a temporary court interdict prevented this.
Source: businesslive.co.za
