News24
09 Oct 2019, 23:44 GMT+10
The JSE retreated on Wednesday despite a broad-based rebound across the major global markets on the back of positive news from Chinese officials.
China indicated that it is open to a limited deal with the US provided no additional tariffs are imposed on it at the next high-level talks which are set to resume on Thursday.
With the revived hopes of a positive outcome in these upcoming trade talks, European and US stocks rebounded to trade firmer on the day. However, the JSE took a leaf from Asian markets which closed weaker with losses being recorded for the Nikkei and the Hang Seng, while the Shanghai Composite Index only managed to gain 0.14%.
The rand strengthened against the greenback as emerging market currencies staged a minor rebound. At 17:00 CAT, the rand was trading 0.52% firmer at R15.20/$.
On the JSE, losses were led by coal miner Exxaro Resources [JSE:EXX] which was trading ex-dividend as it lost 12.79% to close at R120.03. EOH Holdings [JSE:EOH] stumbled further in Wednesday's session as it lost 6.66% to end the day at R12.47.
Some of the listed property stocks came under pressure with losses being recorded for Hyprop Investments [JSE:HYP] which lost 5.92% to close at R58.00; NEPI Rockcastle [JSE:NRP] dropped 2.355 to close at R131.40; while MAS Real Estate [JSE:MSP] fell 4.72% to close at R17.15.
Retailer, Truworths [JSE:TRU] fell 5.32% to close at R50.33, while its sector peer The Foschini Group [JSE:TFG] stumbled 3.64% to close at R157.39.
Losses were also recorded for Sappi [JSE:SAP] which lost 3.33% to close at R37.49; Bid Corporation [JSE:BID] which lost 1.12% to R337.00; and BHP Group [JSE:BHP] which closed at R309.30 after falling 1.09%.
Gains were once again limited mostly to miners. Pan African Resources [JSE:PAN] surged 5.07% as it closed at R2.28; Sibanye Gold [JSE:SGL] gained 3.54% to end the day at R25.18; while Kumba Iron Ore [JSE:KIO] climbed to R380.32 after rising 2.81%. AngloGold Ashanti [JSE:ANG] gained 2.83% as it closed at R324.49; Gold Fields [JSE:GFI] climbed 2.41% to R85.86; and Northam Platinum [JSE:NHM] added 2.34% to R95.79.
Other significant gainers on the day included Bidvest Group [JSE:BVT] which rose 1.13% to R193.13, and Anglo American PLC [JSE:AGL] which gained 0.92% to close at R342.31.
The JSE All-Share index eventually closed 0.35% while the JSE Top-40 index shed 0.32%. The resources index only gained a modest 0.11%, while the industrials and financials indices lost 0.64% and 0.31% respectively.
Brent crude also rose on the hopes of renewed trade talks which saw it trading 0.5% firmer at $58.53/barrel just after the JSE close.
At 17:00 CAT; platinum was down 0.2% to trade at $888.10/Oz; gold was up 0.1% at $1 507.08/Oz, and palladium had firmed 0.59% to trade at $1 684.80/Oz.
*
Get a daily dose of Iran Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Iran Herald.
More InformationCHICAGO, Illinois: For the first time in history, U.S. officials are considering a coordinated plan to vaccinate poultry against bird...
NEW YORK, New York - U.S. stocks made strong gains on Monday, brushing off concerns Donald Trump's surprise ambush of Iranian nuclear...
NEW YORK CITY, New York: The U.S. bombing of Iranian nuclear sites has cast a shadow over global markets, with investors bracing for...
SANTAREM, Brazil: As Brazil cements its position as the world's top soy exporter, a new wave of deforestation is spreading across the...
ZURICH, Switzerland: A wave of central banks across Europe surprised markets last week by lowering interest rates, responding to easing...
WASHINGTON, D.C.: The U.S. economy is performing reasonably well, but Federal Reserve Chair Jerome Powell faces a difficult decision...
WASHINGTON DC, - U.S. President Donald Trump has claimed a ceasefire has been reached between Israel and Iran. He made the claim on...
NEW YORK CITY, New York: The U.S. bombing of Iranian nuclear sites has cast a shadow over global markets, with investors bracing for...
Western support for Israel's right to strike Iran backs up a pattern of pre-emptive violence that critics say is further eroding international...
WASHINGTON, DC - U.S. President Donald Trump how bowed to pro-Israel elements in his administration and Congress, announcing that the...
WASHINGTON, DC - In a bid to defuse speculation, U.S. President Donald Trump says he will make his decision on whether to have the...
WASHINGTON, D.C.: A quiet shift inside the Trump administration has stalled a key diplomatic initiative aimed at pushing Russia toward...