Sasol and Naspers were the biggest beneficiaries of the JSE’s rally on Monday, with their combined market value jumping R72bn — more than Aspen’s current valuation — as hopes of a truce in the trade dispute between China and the US lifted stock markets across the world. The prospect of detente between the US and China sent commodities surging, with a 5% rise in the oil price boosting Sasol, the sixth most valuable company in the local bourse, by 6.82% to R434, its biggest jump since January 2016. Naspers, Africa’s most valuable public company, jumped 4.54% to close at R2,888.51 a share, after losing 2.02% on Friday when it released interim results that fell short of forecasts. In currency markets, the rand gained 1.2% to R13.7038/$, adding to a jump of almost 7% in November, which was the biggest in 2018 so far. Emerging markets have also been supported by speculation that the Federal Reserve will slow the pace of US rate increases. The prospects of a full-blown trade war between Ch...
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.