JSE closes lower in risk-off trade as caution reigns ahead of ANC conference
The JSE closed at a two-month low on Monday on risk-off sentiment ahead of a probable US interest-rate increase on Wednesday and the ANC elective conference, which begins this weekend. Market heavyweight Naspers set the scene, dropping more than 3%. The group was also hit by a negative showing from Chinese internet company Tencent in Hong Kong trade. Naspers owns about a third of Tencent. Markets also appeared to be taking a cautious stance ahead of the ANC’s elective conference, touted by many as a defining event for SA. Gold and platinum shares were sharply lower, followed by industrials, banks and general retailers. The Dow Jones industrial average was 0.3% firmer at the JSE’s close, following in the footsteps of upbeat European bourses. Brent crude took a breather, shedding 0.46% to $64.41 a barrel from earlier two-year highs. The US Federal Reserve is expected to increase interest rates on Wednesday. The dollar firmed in anticipation, while oil prices firmed earlier. This follo...
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