Stocks plunge as Trump trade war wages on | Fin24
 
  • Anticlimax

    Indications are that the 2019 general elections delivered a damp squib, says Solly Moeng.

  • Intervention

    Pravin Gordhan says govt will not hesitate to intervene to ensure SOEs are run properly.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

Stocks plunge as Trump trade war wages on

Jun 03 2019 19:32
Paul Chakaduka,GT247.com

Global equity markets started the week off in the red as trade war concerns continued to wreak havoc across global markets.

The new concerns arose after the “instigator in chief”, US President Donald Trump threatened to increase tariffs on Indian exports.

The US want to remove the Asian nation from a special trade agreement from next week and India has in turn also threatened to impose sanctions on US goods, as relations between the Trump administration and the Modi government deteriorate.

The trade agreement provides special exemptions to developing nations across the globe.

 There is a barrage of data points out this week, however the significance of these events may be reduced to mere announcements with no substance.  The market continues to be on edge as Trump aggressively fights on two fronts in his attempt to bolster domestic and foreign policy. 

Asian markets closed in the red on Monday as the Hang Seng eased 0.03%, the Shanghai Composite was down 0.3% and the Nikkei 225 was down 0.92%.

The South Korean KOSPI was the only major Asian index to buck the trend as it closed the day 1.28% in the black.

Major gains were recorded by Blue Label Telecoms [JSE:BLU] which closed the day up 9.79% to close at 415c. Diversified investment company Brait [JSE:BAT] was up 6.99% to close at 1790c. Aspen Pharmacare [JSE:APN]  was up 4.75% to trade at 10259c, as the market continued to digest the conclusion of its Nutritionals business.

Strength was recorded by some of the gold miners today as the commodity soared on the back of global risk. Gold Fields, Harmony and Anglogold Ashanti advanced 3.99%, 3.68% and 3.61% respectively.

Imperial [JSE: IPL] shed 5.12% after their trade update released this morning highlighted its unsatisfactory performance for the 9 months to 31 March 2019.  The business continues the reshape and resize its operations to make the group more profitable.   

Losses were also sustained by EOH Holdings [JSE: EOH], and African Rainbow Capital which shed 3.9% and 3.65% respectively.

The JSE All-Share index closed 1.14% firmer,while the JSE Top-40 index gained 1.26%. 

The Resources index was firmer on the day gaining 0.52%. The Industrials and Financials indices gained 1.61% and 1.14% respectively.

At 17.00 CAT, palladium was 0.59% weaker to trade at $1322/Oz, platinum was firmer recording gains of 2.58% to trade at $814.70/Oz, whilst Gold was 0.93% firmer at $1323.65/Oz. Brent crude was unchanged on the day, as a barrel of crude was changing hands at $62 per barrel at 17:00 CAT. 

The rand was firmer on the day, seen trading at 14.46 to the dollar, 16.20 to the Euro and 18.28 to the pound sterling. 

jse3jun

jse
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...