Picture: RUSSELL ROBERTS
Picture: RUSSELL ROBERTS

The JSE was little changed on Monday morning, with international markets lacking momentum, as risk events hover over the market.

Last week was a good one for equities, which surged on better-than-expected US corporate earnings reports, and easing concerns over the damage he US-China trade conflict is likely to inflict on global trade.

Naspers on Monday was down 1.58% to R2,853.17, giving up some of the 13.29% surge the market heavyweight experienced last week.

The all share slipped 0.08% to 54,228.2 points and the top 40 0.06%. Banks were down 0.52% and industrials 0.38%, while gold miners added 1.94%.

Global focus this week is on the expected imposition of sanctions on Iran over that country’s foreign policy and nuclear programme, as well as US midterm elections on Tuesday.

The market is also digesting conflicting signals from the White House on trade talks. 

Locally, mining and manufacturing data on Thursday will be closely watched for signs that SA has exited its technical recession.

TFG was up 1.2% to R170.52, ahead of interim results to end-August on Thursday. The company has indicated its performance is within guidance. According to management, sales during the second half of the year remain dependent on Black Friday as well as Christmas, during which they did exceptionally well in the prior year, said FNB Securities analysts.

MTN had gained 1.52% to R86.80.

Redefine was up 2.56% to R10, having earlier reported net tangible asset value per share growth of 7% for the year to end-August.

The oil price on Monday morning was stable despite sanctions taking effect on Iran. A decision by the US to allow eight countries to temporarily continue importing crude oil from that country helped quell investor fears of an immediate shortage, reported Dow Jones Newswires.

Brent crude was up 0.12% at $72.63 a barrel.

Gold was flat at $1,232/oz, while platinum was up 0.24% at $871.25.

gernetzkyk@businesslive.co.za

Please sign in or register to comment.