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 Mexico Star 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 Mexico Star.
More InformationNEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
New Delhi [India], July 11 (ANI): The Enforcement Directorate (ED) on Friday carried out searches at seven locations in Haryana in...
Balochistan [Pakistan], July 11 (ANI): The Baloch Yakjehti Committee (BYC) has condemned the unlawful detention of its key leaders...
Washington DC [US], July 11 (ANI): The response to the April 22 Pahalgam attack reflects a significant shift in India's counterterrorism...
Bengaluru (Karnataka) [India] July 11 (ANI): In the wake of widespread concern expressed in the public and media about the recent increase...
Bengaluru (Karnataka) [India], July 11 (ANI): Karnataka Deputy Chief Minister DK Shivakumar, on the occasion of World Population Day...
In the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...
LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
WASHINGTON, D.C.: After months of warnings from former federal officials and weather experts, the deadly flash floods that struck the...