JSE weaker as Trump sours market mood

The JSE closed weaker yesterday as a drop in banking‚ financial and retail shares was only slightly offset by a rise in golds and platinums‚ as risk-off trade gripped the market. Sentiment was unsettled after the US Federal Reserve kept rates on hold amid caution on US President Donald Trump’s economic policies. The dollar weakened in response‚ boosting commodity prices. In South Africa, sentiment was fragile ahead of President Jacob Zuma’s state of the nation address next week. The JSE all-share closed 0.72% lower at 52 719.6 points and the blue-chip Top 40 0.76%. General retailers were down 1.17%‚ resources 1.1%‚ banks 1.05%‚ food and drug retailers 0.96% and financials 0.9%. The gold index added 3.36% and platinums 1.42%. Nedbank investment analysts said monetary policy was expected to remain loose in Asia and Europe‚ with geopolitical risks in the form of Brexit and a possible slowdown in Chinese growth likely to take centre stage for most of this year.

The Dow Jones was weaker and European markets were mixed. In individual shares on the JSE, BHP Billiton dipped 2.44% to R241.66 and Glencore 1.46% to R54.86. Sasol shed 1.68% to R396.75. Harmony Gold jumped 4.15% to R35.41 and Sibanye 3.83% to R31.15. Anglo American Platinum climbed 4.01% to R363.21. Barclays Africa dropped 1.41% to R154.20 and FirstRand 1.21% to R49.69. After a decent debut‚ African Phoenix‚ formerly African Bank‚ closed 21.15% lower at 41c. Truworths gave up 2.27% to R77.85 and Mr Price 1.6% to R157.10. RCL Foods added 5.26% to R14‚ despite trading being down. Mediclinic was down 1.81% to R128.23 and Clover Industries 2.25% to R17.35. – BusinessLive