JSE extends slump in risk-off trade, as market eyes political developments
The JSE opened weaker on Monday morning, on track for its seventh consecutive session of declines, amid a combination of local political developments and global risk-off trade. Rising global bond yields have helped dull investor interest in equities, while locally all eyes are on a power-struggle within the ANC over the fate of President Jacob Zuma. Reports have suggested that Zuma has refused a request from senior ANC officials to resign. Meetings to discuss a way forward on the issue are expected to continue on Monday. Asian markets were weaker on Monday morning, following a 4.1% drop by the Dow during the course of last week. At 9.30am the all share was off 1.24% to 57,930.4 points and the top 40 down 1.28%. Property was down 2.39%, banks 1.75% and industrials 1%. Diversified miner BHP fell 2.33% to R258.78, Anglo American 2.2% to R278.34 and Glencore 2.07% to R64.90. Rand hedge Anheuser-Busch InBev relinquished 1.17% to R1,334.99 Capitec gave up 3.83% to R888.89 and Nedbank 1.87...
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