The JSE all share opened weaker on Monday, as the market remained focused on the outcome of the ANC’s elective conference, which has seen the rand firm to a three-month best level."The market has heavily priced in a win for current Deputy President Cyril Ramaphosa but such a result is far from … confirmed," said TreasuryOne dealer Gerard van der Westhuizen.The rand has gained more than 4% against the greenback so far this month, while the all share has lost 4% as rand hedges were sold off — market heavyweight Naspers is down more than 11% this month.The local market shrugged off firmer global markets, with the Dow closing 0.58% higher at 24,651.74 points on Friday after Republicans in the US Congress agreed on the tax reform bill, which could be passed before Christmas.Asian markets were firmer on Monday in reaction, with the Nikkei 225 up 1.55% and the Hang Seng adding 0.99%.By 9.30am the all share was 0.27% lower at 57,256,90 points and the blue-chip top 40 down 0.52%. Industrials...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.