JSE likely to join global slide on Friday
The JSE all share index, which fell 0.2% on Thursday, looks set to slide further on Friday, judging by the gloomy mood of world markets.
Markets trading ahead of the JSE’s opening on Friday morning took their cue from Wall Street, where the Nasdaq index fell 2% and the S&P 500 index 1.5% on Thursday.
Tokyo’s Nikkei 225 was down 1.2%, Sydney’s S&P/ASX 200 index was down 0.7% and Hong Kong’s Hang Seng index was down 0.7% at 6:40am.
Markets were rattled by the killing of 13 people in Barcelona in an Isis van attack and US President Donald Trump’s latest twitter tirade against Republican senators.
The rand was trading at R13.27/$, R15.57/€ and R17.11/£.
The Competition Tribunal is scheduled to hear Italtile’s closing argument on Friday on why the Competition Commission’s decision to bar its takeover of Ceramic Industries was wrong.
Italtile is arguing the deal is an intra-group restructuring as both it and Ceramic Industries are ultimately owned by Rallen.
Pre-merger, Ceramic Industries is directly controlled by Rallen, and post-merger, it will be directly controlled by Italtile.
The commission argued that Italtile’s competitors would struggle to find alternative suppliers of tiles and other things Ceramic Industries made.