Quiet JSE amid reduced risk appetite
The JSE was slightly subdued on Friday and is on track for its second consecutive week of losses as US politics continue to weigh on risk sentiment.
Talks of an impeachment inquiry into US President Donald Trump over allegations that he asked for help from Ukrainian authorities to investigate former US vice-president Joe Biden and his son, rattled global equities this week.
“The market’s destiny is at Donald Trump’s fingertips. A single tweet from Donald Trump could send equities rallying, as it could shatter market sentiment. And Trump’s next move is anybody’s guess,” London Capital Group senior market analyst Ipek Ozkardeskaya said.
Earlier, the Shanghai Composite added 0.11% while Hong Kong’s Hang Seng was down 0.33% and Japan’s Nikkei 225 0.77%.
The JSE all share was flat at 55,229 points and the top 40 was also little changed. Banks and financials were both down 1.03%.
Net1 said on Friday that it recorded a loss of $248m (R3.7bn) in its year to end-June mostly due to losing its lucrative social grants contract. Its share price was unchanged at R51.
Richemont added 1.32% to R111.21 after the luxury goods company said on Friday that it has acquired Italian jewellery company Buccellati from Chinese conglomerate Gangtai Group.
Source: businesslive.co.za
