Share

JSE tumbles as US-China trade war intensifies

The JSE All-share index fell by 1.5% in early trade on Thursday, as concerns around the latest developments in the US-China trade war battered emerging market sentiment.

Earlier in the week US President Donald Trump threatened to raise tariffs on $200bn of Chinese goods to 25% from 10% on Friday. 

"It looks very likely that the trade war is entering round 2," said Commerzbank in a morning note to clients. "This does not bode well for the trade talks which are supposed to be held in the next two days."

"It looks very much like a trade deal is almost off the table. A 'no deal' could mean two things: either a complete collapse or simply a deadlock of the negotiations."

The JSE was closed on Wednesday as SA voted. On Thursday morning, as markets reopened, the All Share index was down 1.53% at 57 156.35 points. The JSE Top 40 was down 1.64% at 50 860.00 points.

The rand, meanwhile, was changing hands at R14.40/$ at 10:15, down 0.23% on the day. 

Almost all stocks in the JSE Top 40 were in the red on Thursday morning, with Sappi [JSE:SAP] the biggest loser - down 6.27% at R62.61. Heavyweight Naspers [JSE:NPN] was trading 1.6% lower at R3487.81.

The only Top 40 stock to rise in early trade was Gold Fields [JSE:GFI], which was up 2.44% at R55.42.

Embattled retailer Steinhoff [JSE:SNH] meanwhile, which is no longer in the JSE Top 40, was trading 17% down on Thursday morning after it released its long-delayed 2017 annual report on Tuesday evening.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.89
+0.3%
Rand - Pound
23.82
+0.4%
Rand - Euro
20.37
+0.3%
Rand - Aus dollar
12.30
+0.3%
Rand - Yen
0.12
+0.3%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders