Climbing oil price dents JSE, as risk events loom
Diversified miners and Sasol gain as the oil price rises, although Naspers and banks are under strain
News that Saudi Arabia will cut oil exports from December put the JSE under mild pressure on Monday morning, with retailers faring worst as the rand slipped against the dollar. Brent crude was almost 3% higher in morning trade, with some caution in the markets ahead of risk events this week. Brexit talks and discussion of the Italian budget deficit are both on the agenda. At 9.30am the all share was down 0.41% to R53,079.2 points and the top 40 had lost 0.46%. Industrials were down 1.15%, platinums 1.06% and banks 0.37%. Resources were up 1.2%. Local focus is on Thursday’s retail sales data for September, which could indicate whether SA escaped a recession in the third quarter. Sasol firmed 0.75% to R476.50. Rand hedge British American Tobacco gave up 3.91% to R602.10. Richemont recovered 2.27% to R98.98 having lost 6% on Friday after it reported a 2% decline in headline earnings per share (HEPS) for the six months to end-September. Rebosis Property Fund slumped 15.31% to R5.09, aft...
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