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JSE softer as inflation falls to lowest level in 8 years

Nov 20 2019 18:03
Musa Makoni, GT247.com

The JSE retreated on Wednesday as global sentiment turned sour on the back of growing unrest in Hong Kong, as well as the USA's new legislation on Hong Kong.

The US bill could potentially complicate the ongoing US-China trade talks which could result in a deal not being signed soon.

This brings on more uncertainty for global investors who have already been struggling to make long-term decisions on the back the ongoing tensions.

The Nikkei closed 0.62% weaker while the Hang Seng and Shanghai Composite Index lost 0.75% and 0.99% respectively.

Stocks in Europe also retreated while in the USA the major indices opened softer after they reached fresh all-time highs on Tuesday.

On the JSE, Trustco [JSE:TTO] came under significant pressure following the release of a trading statement which saw the share fall 8.99% to close at R8.00.

Brait [JSE:BAT] also struggled on the day as it lost 7.41% to close at R14.00, while Steinhoff International [JSE:SNH] extended its decline to close 6.67% weaker at R0.84.

Diversified mining giant, BHP Group [JSE:BHP] lost 1.98% to close at R322.37, while rand hedge British American Tobacco [JSE:BTI] dropped 1.87% to close at R546.20.

Losses were also recorded for South32 [JSE:S32] which lost 1.83% to close at R26.35, FirstRand [JSE:FSR] which dropped 1.53% to close at R67.50, and Telkom [JSE:TKG] which closed at R51.73 after losing 1.71%.

winners losers

Raubex [JSE:RBX] led gains on the day as it surged 7.09% to close at R22.65.

Following the announcement to sell its FirstRand shareholding and other property investments, Remgro [JSE:REM] rallied in today’s session to close 6.12% higher at R196.00, while RMB Holdings [JSE:RMH] climbed 4.62% to end the day at R87.00.

The JSE Top-40 index eventually closed 0.17% softer while the JSE All-Share index shed 0.36%.

jse  |  johannesburg stock exchange  |  currencies  |  markets  |  rand


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