JSE takes strain as rand weakens and Chinese economy cools
Downbeat Chinese industrial data dents sentiment and the local currency slips overnight after British MPs reject a no-deal Brexit
The JSE edged lower on Thursday morning as global growth fears and a weaker rand prompted broad-based losses. The resource index eked out some gains, however, boosted by a rising oil price and rand weakness. The local currency has pushed towards R14.50/$, weakening overnight after British MPs rejected a no-deal Brexit. This sent the rand to a four-month low against the pound. Chinese data was disappointing, with industrial production falling to a 17-year low in January. US President Donald Trump also said on Wednesday he is “in no rush” to make a trade deal with China, Dow Jones Newswires reported. At 10am the all share was down 0.16% to 55,741.8 points and the top 40 0.17%. Food and drug retailers were down 1.41% and banks 0.94%. The resources index added 0.39%. Gold had slipped 0.54% to $1,301.97/oz and platinum 1.23% to $832.94. Brent crude was up 0.37% to $67.90 a barrel. Diversified miner Glencore had gained 0.84% to R58.83. Sasol added 1.12% to R428.25. Exxaro fell 0.33% to R1...
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.