News24
08 Oct 2019, 23:44 GMT+10
The local bourse eventually closed softer on Tuesday despite opening flat.
The JSE tracked the downward direction of other major global indices which were dragged by news that the US government was planning on restricting US investment into China.
This cast a shadow of doubt on the upcoming trade talks between the US and China, with investors dumping riskier assets such as stocks for treasury bonds. In Europe, stocks were down an average of more than 1% while in the US stocks also opened significantly lower as a result.
The rand slipped further in Tuesday's session to a low of R15.30/$. This weakness was recorded across most emerging market currencies which continue to struggle on the back of US dollar strength. The rand was trading 0.57% weaker at R15.26/$ at 17:00 CAT.
On the local bourse listed property stocks came under significant pressure on the day with losses being recorded for Intu Properties [JSE:ITU] which tumbled 18.61% to close at R6.69; Accelerate Property Fund [JSE:APF] which lost 9.68% to end the day at R1.40; and Hammerson PLC [JSE:HMN] which fell 3.3% to close at R50.34.
Another volatile session ensued for Kumba Iron Ore [JSE:KIO] which eventually closed 4.51% lower at R369.93, while coal miner Exxaro Resources [JSE:EXX] lost 1.44% to close at R137.63.
Dis-Chem [JSE:DCP] struggled on the day as it lost 2.14% to close at R23.37, while Adcock Ingram [JSE:AIP] closed at R56.10 after dropping 1.39%.
Losses were also recorded for Multichoice Group [JSE:MCG] which lost 2.36% to close at R118.95; Truworths International [JSE:TRU] which weakened by 1.12% to close at R53.16; and Absa Group [JSE:ABG] which closed at R148.62 after losing 2.2%.
Miners recorded most of the day's gains with significant gains being recorded for Pan African Resources [JSE:PAN] which rallied 6.9% to close at R2.17; Northam Platinum [JSE:NHM] which added 4.97% to close at R93.60; and DRD Gold [JSE:DRD] which surged 2.86% to R7.55.
Food producer Rhodes Food Group [JSE:RFG] gained 4.1% to close at R15.50, while Tiger Brands [JSE:TBS] added a modest 0.99% to close at R207.32. Aspen Pharmacare [JSE:APN] advanced 2.67% to close at R96.00, while rand hedge Sappi [JSE:SAP] added 3.61% to close at R38.78.
Gains were also recorded for Blue Label Telecoms [JSE:BLU] which closed 4.73% higher at R2.88, and Nampak [JSE:NPK] inched up 0.31% to close at R9.63.
The JSE Top-40 index eventually closed 0.48% weaker while the JSE All-index also lost 0.48%. The resources index closed softer as it lost 0.07%. The industrials and financials indices lost 0.48% and 0.79% respectively.
At 17:00 CAT, gold was 0.64% firmer at $1 502.47/Oz, palladium had lost 0.88% to trade at $1 648.60/Oz, and platinum was 0.85% higher at $885.30/Oz.
Brent crude was trading 0.07% softer at $58.28/barrel just after the JSE close.
Get a daily dose of Orlando Echo news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Orlando Echo.
More InformationDUBAI, U.A.E.: A cargo ship flagged under Liberia, known as the Eternity C, sank in the Red Sea following an attack executed by Yemen's...
WASHINGTON, D.C.: The Trump administration has started sending some weapons to Ukraine again, just a week after the Pentagon told officials...
ECAULT BEACH, France: On clear days, the white cliffs of the United Kingdom, are visible from northern France, where men, women, and...
ATLANTA, Georgia: The United States is facing its worst measles outbreak in more than three decades, with 1,288 confirmed cases so...
In the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...
LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
ATLANTA, Georgia: The United States is facing its worst measles outbreak in more than three decades, with 1,288 confirmed cases so...
WASHINGTON, D.C.: After months of warnings from former federal officials and weather experts, the deadly flash floods that struck the...
(Photo credit: David Butler II-Imagn Images) The Boston Red Sox will be looking to extend their winning streak to 10 games Sunday...
(Photo credit: Eric Canha-Imagn Images) In his 51st career start, Garrett Crochet accomplished two feats in one dominant outing:...
(Photo credit: Daniel Kucin Jr.-Imagn Images) Two teams that have long climbs if they're going to reach the postseason needed a sweep...
(Photo credit: Sam Navarro-Imagn Images) Lionel Messi extended his MLS-record scoring streak with two more goals, which made the...