JSE weaker amid mixed global peers as investors digest developments in Russia-Ukraine crisis
‘The West has imposed strong sanctions against Russia in response to Moscow’s moves in Ukraine, and markets now await further developments’
The JSE was weaker on Wednesday afternoon, while its global peers were mixed as investors await developments in the Russia-Ukraine conflict.
Local focus will be on finance minister Enoch Godongwana’s budget maiden speech.
Equity markets are mixed after the US and Europe imposed new sanctions on Russia after it formally recognised two breakaway provinces of Ukraine and started moving peacekeeping military equipment into them.
“The West has imposed strong sanctions against Russia in response to Moscow’s moves in Ukraine, and markets now await further developments,” said TreasuryONE currency strategist Andre Cilliers. “Minister Enoch Godongwana’s maiden budget speech is due later today. Analysts are expecting a reasonably positive address.”
At 1.35pm, the JSE all share had lost 0.85% to 75,007 points and the top 40 0.99%. Precious metals had fallen 2.61%, industrial metals 3.12% and resources 2.93%. Banks had gained 0.94% and financials 0.71%.
At the same time in Europe, London’s FTSE 100 had added 0.41%, France’s CAC 40 1.13% and Germany’s DAX 0.84%.
Earlier in Asia, the Shanghai Composite gained 0.93% and Hong Kong’s Hang Seng 0.62%, while Japan’s Nikkei lost 1.71%.
At 10.45am, the rand had strengthened 0.26% to R15.0149/$, while it was little changed at R17.0322/€ and R20.4416/£. The euro was 0.15% firmer at $1.1343.
Gold lost 0.15% to $1,895.54/oz, while platinum gained 0.76% to $1,085.5. Brent crude was 0.31% weaker at $96.34 a barrel.
Correction: February 23 2022
Due to reasons beyond our control earlier data in this story was incorrect. This has been rectified.