MARKET WRAP: JSE recoups some of Wednesday’s big losses
Investors shrugged off a weak start by US stocks on Thursday
After opening 2019 with its biggest one-day loss in more than four months on Wednesday, the JSE recovered slightly on Thursday, even as US markets opened substantially lower. SA’s main bourse fell as much as 2.79% on Wednesday — the biggest daily decline since August 15 2018 — as global risk sentiment waned on news that China’s manufacturing sector had contracted. On Thursday, with only a handful of stock exchange news filings, the JSE gained 0.79% to close at 51,669.9 points. The top 40 index added 0.69%, with financials and miners leading the gains. The gold mining index rallied 3.4%, as AngloGold Ashanti added 4.35% to R190.30, while the platinum index rose 1.89%. The banking index closed 1.57% higher as heavyweight FirstRand climbed 1.97% to R64.61 and Standard Bank 1.63% to R178.50. Thanks in part to a 0.32% gain in the Brent oil price, to $55.13, Sasol closed 2.74% higher at R428.84. Investors in the JSE disregarded a heavy sell-off of US stocks, suggesting that Wednesday’s de...
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