JSE suffers worst day in three months as global markets slump
Retailers and banks fall despite a stable rand and falling oil prices, as global markets suffer a rout with the Dow now having given back almost all of its 2018 gains
The JSE experienced its worst one-day loss in more than three months on Tuesday, tracking declines across global equity markets, prompted by a sell-off of technology stocks. As the JSE closed the Dow was almost 2% lower, turning negative for the year, while local market heavyweight Naspers slumped 7% on the day. Revised production expectations from Apple for its iPhone products prompted a technology-stock sell-off on Monday. Investors had been nervous about the outlook for Apple and its flagship devices since the firm announced that it would no longer be reporting a breakdown of sales figures by product in its most recent earnings update, said London Capital Group head of research Jasper Lawler. “News of slashed production orders has just confirmed those fears, forcing investors to reassess Apple’s outlook.” There were no major news developments or data releases to prompt the broad sell-off, said Vestact analysts, noting that it appeared to be sentiment driven. “This is quite common...
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