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JSE retreats as US-China trade talks stall
Markets WRAP: Rand ends at R13.58/$.
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The JSE edged higher on Monday as it took a
leaf from Chinese markets which resumed trading after a week-long holiday.
In mainland China the Shanghai Composite
Index closed 1.82% firmer while in Hong Kong the Hang Seng managed to add
0.71%. In Europe stocks were also buoyant on the back of minor optimism for the
resumption of trade talks between the USA and China.
Concerns still linger
around global economic growth which has resulted in demand for less riskier
assets such as bonds and the US dollar surging.
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On the JSE, Naspers [JSE:NPN] was buoyed by
the gains in Tencent Holdings which closed 1.85% firmer in Hong Kong, which
resulted in the stock climbing 1.34% to close at R3030.01.
managed to post gains of 4.26% to close at R25.70, while Netcare [JSE:NTC]
added 0.82% to close at R24.46.
Sibanye Stillwater [JSE:SGL] continued to rally
as the stock rose by 2.39% to close at R14.55, while diversified miner, South32
[JSE:S32] added 1.57% to close at R35.50.
Rand hedge, Mondi Ltd [JSE:MND]
gained 2.59% to close at R332.86, and Richemont [JSE:CFR] added 1.78% to R93.04.
[JSE:WHL] fell mainly on the back of resignations by two independent
non-executive directors which saw the stock close 3.29% weaker at R45.80.
African Rainbow Capital [JSE:AIL] also traded under pressure as it lost 7.37%
to end the day at R4.40. Gold Fields [JSE:GFI] shed 0.44% to close at R47.99,
Kumba Iron Ore [JSE:KIO] lost 2.46% to R345.74, and AngloGold Ashanti [JSE:AGL]
dropped 0.73% to close at R181.66.
The weaker rand resulted in rand sensitives
such as Pick n Pay [JSE:PIK] weakening by 1.17% to close at R64.85, while
FirstRand [JSE:FSR] lost 1.42% to close at R65.06.
READ: Markets LIVE: Rand weakens by just over 1%; EMs ‘run out of steam’
The JSE Top-40 index eventually closed the
day 0.47% firmer, while the broader JSE All-Share index gained 0.69%. The
Financials index was the only major index to close weaker as it shed 0.57%. The
Industrials and Resources indices added 1.44% and 0.41% respectively.
On the currency market the buoyant US
dollar resulted in weakness across most emerging market currencies including
the rand. The rand fell to a session low of R13.77 before being recorded at
R13.76/$ at 17:00.
Broad based weakness across the commodity
market saw brent crude to a session low of $61.15/barrel. The commodity was
trading at $61.21/barrel just after the JSE close.
At 17:00, Palladium was down 1.73% to
trade at $1380.02/oz, Platinum was down 1.49% at $789.02/oz, and Gold was 0.77%
weaker at $1306.41/oz.
Bitcoin was 0.68% firmer at $3694.30/coin
while Ethereum was trading 5.03% higher at $124.27/coin.