JSE closes lower as global sentiment turns negative on brewing trade war
The JSE closed weaker on Friday, as the possibility of a global trade war weighed on equity markets.The Dow Jones was 1.3% lower at the JSE’s close, with European markets also weaker. The FTSE 100 was down 1.29% after UK Prime Minister Theresa May admitted that Brexit would reduce access to EU markets.Concern about local political developments dampened sentiment, as the all share ended its second week of losses following almost euphoric trade in mid-February when President Cyril Ramaphosa took office.A sharply weaker rand, hitting R12 to the dollar in intra-day trade, failed to provide any support to global diversified miners. Naspers was lower on retreating Asian markets, with Tencent falling 2% on the Hang Seng.The threat of the expropriation of land without compensation also kept the local bourse under pressure.Gold and property shares were the star performers on the day, with retailers providing some support. Risk-off sentiment affected banks and financials, despite the market w...
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.