MARKET WRAP: Wednesday, October 26
The JSE and South African bonds closed a little easier along with European bourses which weakened in late trade
The JSE closed one third of a percent softer on Wednesday after disappointing earnings from some US companies dragged global markets lower. The JSE gave up 0.38% to 51,552.30 points and the top 40 0.42%. The platinum index led the declines, falling 0.87%, followed by industrials, down 0.61%. The gold mining index was 0.17% higher due to safe-haven demand. At the JSE’s close, the platinum price had gained 0.89% to $967.95 an ounce, while gold was 0.17% firmer at $1,269.07. European markets were weaker in late trade, with the UK’s FTSE 100 having retreated 1.13%, the German Dax 30 0.75% and the Paris CAC 0.43%. The Dow was flat (-0.04). Sasfin Securities portfolio manager Nicholas Sorour said the medium-term budget policy statement had little influence on the JSE. Although the rand weakened during Finance Minister Pravin Gordhan’s speech on Wednesday, the rand was still generally stronger, which continued to weigh on SA’s heavyweight rand hedges, such as Sasol, Brait and Mediclinic, S...
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