MARKET WRAP: JSE flat as Naspers offsets slump by banks
Global equities have been buoyed by further signs that a US-China trade deal is imminent, while local banks and gold miners came under pressure
The JSE was little changed on Monday, as a strong performance by market heavyweight Naspers offset a slump by banks and gold miners. Global markets were higher as investors cheered news that US President Donald Trump and his Chinese counterpart, Xi Jinping, might seal a formal trade deal on about March 27, due to significant progress in talks between the two countries in recent weeks. Rand hedges and Naspers were in favour, but banks and financial stocks slipped sharply, as the rand hovered at a two-week low to the dollar. The all share rose 0.02% to 56,217.1 points, while the top 40 gained 0.11%. Gold miners slumped 5.4%, banks 2.43% and financials 1.51%. Industrials added 1.14%. Gold miners felt the most pressure as the price of the precious metal hovered at a five-week low as investors lost interest in safe-haven assets. The miners are also facing the prospect of a strike by the Association of Mineworkers and Construction Union (Amcu), which could begin in the coming days. Focus ...
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