JSE drops for fifth session in a row amid twitchy global markets
The all share index took a big knock to close 1.64% lower, hurt by the combination of softer commodity prices and weaker global markets
The JSE closed lower for a fifth consecutive session on Monday, leaving the all-share index at its lowest point in about two weeks.Largely reflecting the nervous sentiment on global markets, the all-share has been battling to find traction since its peak in late January, at 61,864.77 points.Only big diversified miners such as Anglo American and BHP managed to post decent returns over the past six months, despite wobbly commodity prices.Fears over a global trade war have held global markets hostage for the first half of 2018, as investors fixated on its potential fallout on the global economy.The poor global sentiment coincided with the unwinding of Ramaphoria, which has played out particularly badly on stocks that focus mainly on the local economy.Foreigners had piled into local stocks en masse between December and February in particular, anticipating an improvement in SA’s economic story, after the ruling ANC elected new leadership in December.However, the buying frenzy, which sent...
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