MARKET WRAP: JSE reverses course to end Monday lower
The bourse was up 1.9% in early trade, but closed 0.47% lower with all major indices except platinum and property ending in the red
After a strong start, the JSE closed lower on Monday, in volatile trade, as trade talks between the world’s two largest economies kicked off. The all share index rose as much as 1.9% to 53,199 points on Monday morning, a level last seen in November, as the local bourse tracked gains by major indices in Asia and Australia. In Hong Kong, the Hang Seng index added 0.82%, with Naspers associate Tencent closing 2.3% up. However, the JSE’s fortunes reversed, with the local bourse slipping to a close of 51,959 points, or 0.47% lower on the day. All major indices, barring platinum and property, closed in the red. Naspers, which tends to track Tencent, gave up earlier gains to close 1.1% down at R2,821.81. “The mix of a stronger rand on Monday against the dollar, coupled with US futures pointing toward a lower open on their shores, took its toll on SA equities and the all share index in the late afternoon,” said Jordan Weir, a trader at Citadel. In the US, the Dow Jones industrial average op...
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