JSE tumbles 2% as China manufacturing data fans global growth worries
The JSE began 2019 on a sour note, tumbling as much as 2% in its biggest one-day drop in a month. Resource stocks and Naspers, which makes up a fifth of the all share, led losses amid further evidence of slowing growth in China, the top consumer of resources. The all share was down 1.96% to 51,703.50 points and the top 40 shed 2.35%, as investors bailed out of stocks such as BHP, Anglo American and Mondi plc. The sell-off came as data showed China’s manufacturing sector contracted in December for the first time in 19 months. “I think it’s safe to say that after a turbulent and all-round woeful 2018, investors across the globe will be hoping 2019 brings with it more stability and a return to winning ways for stock markets,” Oanda senior market analyst Craig Erlam said. “That said, the year has already got off to a disappointing start, with risk aversion weighing heavily across asset classes as the trend that battered confidence in the final month of last year carries over into this. ...
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.