News24
13 Aug 2019, 23:45 GMT+10
The JSE closed softer on Tuesday as it took a leaf from Asian counters which registered heavy losses in earlier trading. The risk-aversion was high in Asia, and particularly in Hong Kong, where there are ongoing protests.
This unrest coupled with sentiment towards the trade war saw the Hang Seng close 2.1% lower while in mainland China the Shanghai Composite Index lost 0.9%. In Japan the Nikkei lost 1.11%.
However, sentiment shifted drastically after the US market open as the US Trade Representative announced further steps to the proposed 10% tariff on Chinese goods.
The department announced that certain products would be removed from the tariff based on health, safety, national security and other factors. Furthermore, it was also announced that the tariff implementation would be delayed to 15 December for certain items.
US markets rebounded spectacularly following this announcement to trade more than 1% firmer on the day.
On the JSE, sentiment was relatively bearish with losses being recorded for gold miners which cooled off following consecutive sessions of gains.
Sibanye Stillwater [JSE:SGL] was one of the day's biggest losers after it tumbled 10.79% to close at R19.09, while Gold Fields [JSE:GFI] fell 10.1% to close at R84.28. Other significant losses were recorded for AngloGold Ashanti [JSE:ANG] which lost 7.89% to close at R292.54, Harmony Gold [JSE:HAR] which fell 7.96% to R43.00, and DRD Gold [JSE:DRD] which dropped 5.21% to close at R6.00.
Volatile
Volatility ensued for Blue Label Telecoms [JSE:BLU] which closed at R3.69 after falling 6.58%, while platinum miner Anglo American Platinum [JSE:AMS] lost 4.56% to close at R829.78. Brait [JSE:BAT] found some reprieve in today's session as it rebounded to close 3.72% higher at R13.10, while KAP Industrial Holdings [JSE:KAP] surged 3.7% to end the day at R5.04 following the release of a positive half-year trading statement.
ABSA Group [JSE:ABSP] was buoyed by the release of its earning results which indicated decent increases in earnings which saw the stock close 1.13% firmer at R149.97. Retailers were lifted by the firmer rand which saw stocks such as Massmart [JSE:MSM] gain 2.41% to close at R45.87, while Truworths [JSE:TRU] gained 1.49% to close at R57.85.
Index giant Naspers [JSE:NPN] closed 1.44% firmer at R3492.45. The blue-chip JSE Top-40 index eventually closed flat as it closed 0.13% weaker, while the broader JSE All-Share index lost 0.2%.
Some gains
Gains were recorded for the Industrials and Financials indices which gained 0.49% and 0.17% respectively, however the Resources index fell 1.41%.
The rand rebounded in today's session to peak at a session high of R15.08/$ before it was recorded trading R0.7% firmer at $15.17/$ at 17.00 CAT.Brent crude also rallied as the news about the extension of the US tariff deadline broke out.
This saw the commodity trading 3.57% firmer at $60.66/barrel just after the JSE close. At 17.00 CAT, Gold was 0.43% weaker at $1504.59/Oz, Platinum was down 0.39% at $854.40/Oz, and Palladium had rallied 1.71% to trade at $1456.20/Oz.
Get a daily dose of San Jose Sun 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 San Jose Sun.
More Information(Photo credit: Rafael Suanes-Imagn Images) Trevor Story and Ceddanne Rafaela each homered to help the visiting Boston Red Sox complete...
(Photo credit: Rafael Suanes-Imagn Images) Trevor Story and Ceddanne Rafaela each homered to help the visiting Boston Red Sox complete...
(Photo credit: Ken Blaze-Imagn Images) Trey Sweeney and Riley Greene each belted homers in the 10th inning and Tarik Skubal threw...
(Photo credit: Vincent Carchietta-Imagn Images) Aaron Judge hit his 33rd home run of the season and finished with three RBIs to help...
(Photo credit: Bruce Kluckhohn-Imagn Images) The Washington Wizards completed a three-team trade on Sunday, acquiring guard CJ McCollum,...
(Photo credit: Dan Hamilton-Imagn Images) Bo Bichette homered, Kevin Gausman struck out nine in 5 2/3 innings and the Toronto Blue...
NEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...
PARIS, France: Fast-fashion giant Shein has been fined 40 million euros by France's antitrust authority over deceptive discount practices...
PALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...