20°C / 22°C
  • Sat
  • 19°C
  • 8°C
  • Sun
  • 20°C
  • 9°C
  • Mon
  • 21°C
  • 8°C
  • Tue
  • 21°C
  • 10°C
  • Wed
  • 17°C
  • 8°C
  • Sat
  • 18°C
  • 10°C
  • Sun
  • 18°C
  • 14°C
  • Mon
  • 19°C
  • 13°C
  • Tue
  • 17°C
  • 12°C
  • Wed
  • 19°C
  • 10°C
  • Sat
  • 21°C
  • 9°C
  • Sun
  • 22°C
  • 10°C
  • Mon
  • 22°C
  • 10°C
  • Tue
  • 23°C
  • 10°C
  • Wed
  • 20°C
  • 10°C
  • Sat
  • 20°C
  • 4°C
  • Sun
  • 21°C
  • 6°C
  • Mon
  • 23°C
  • 5°C
  • Tue
  • 23°C
  • 7°C
  • Wed
  • 19°C
  • 7°C
  • Sat
  • 24°C
  • 16°C
  • Sun
  • 24°C
  • 16°C
  • Mon
  • 23°C
  • 16°C
  • Tue
  • 23°C
  • 17°C
  • Wed
  • 20°C
  • 16°C
  • Sat
  • 19°C
  • 12°C
  • Sun
  • 21°C
  • 13°C
  • Mon
  • 23°C
  • 13°C
  • Tue
  • 17°C
  • 11°C
  • Wed
  • 19°C
  • 10°C
  • Sat
  • 18°C
  • 8°C
  • Sun
  • 18°C
  • 10°C
  • Mon
  • 20°C
  • 9°C
  • Tue
  • 17°C
  • 9°C
  • Wed
  • 20°C
  • 7°C
  • Sat
  • 18°C
  • 9°C
  • Sun
  • 18°C
  • 13°C
  • Mon
  • 19°C
  • 12°C
  • Tue
  • 16°C
  • 10°C
  • Wed
  • 19°C
  • 9°C
  • Sat
  • 22°C
  • 9°C
  • Sun
  • 24°C
  • 9°C
  • Mon
  • 23°C
  • 8°C
  • Tue
  • 24°C
  • 9°C
  • Wed
  • 20°C
  • 10°C
  • Sat
  • 19°C
  • 0°C
  • Sun
  • 20°C
  • 1°C
  • Mon
  • 22°C
  • 1°C
  • Tue
  • 20°C
  • 3°C
  • Wed
  • 19°C
  • 4°C
  • Sat
  • 24°C
  • 10°C
  • Sun
  • 29°C
  • 9°C
  • Mon
  • 26°C
  • 9°C
  • Tue
  • 31°C
  • 9°C
  • Wed
  • 18°C
  • 12°C
  • Sat
  • 17°C
  • 10°C
  • Sun
  • 19°C
  • 12°C
  • Mon
  • 20°C
  • 12°C
  • Tue
  • 15°C
  • 9°C
  • Wed
  • 17°C
  • 9°C

SA stocks dragged to near 2-month low by trade war woes

The JSE All-Share index closed 1.66% lower at 56,273 points, while the Top-40 index ended the day 1.95% down to 50,332 points after both weakened to levels last seen on 4 June.

Picture: pixels.com

JOHANNESBURG - South African stocks slipped to a near two-month low on Friday as risk aversion swept across financial markets on resurgent US-China trade tensions, while the rand also weakened.

Both major stock indexes weakened more than 2% at market open after US President Donald Trump hit China with a 10% tariff on the remaining $300 billion of Chinese imports on Thursday, a day after negotiators from both countries concluded a meeting in Shanghai without significant signs of progress.

“The negative mood across markets suggests that investors are jittery over sizzling trade tensions between the world’s two largest economies sabotaging the already fragile global growth outlook,” Lukman Otunuga, a senior research analyst at FXTM said in a note.

“With China already pledging countermeasures if the US implements the additional tariffs, things could get really messy - something that will ultimately cripple risk sentiment even further.”

The Johannesburg Stock Exchange All-Share index closed 1.66% lower at 56,273 points, while the Top-40 index ended the day 1.95% down to 50,332 points, after both weakened to levels last seen on 4 June.

Bucking the trend, the Gold index strengthened 5.89% to 2,205 points as investors sought safe-haven assets. Harmony Gold rose 6% to R38.88, AngloGold Ashanti gained 7% to R282.48, while Sibanye-Stillwater climbed 2.42% to R18.64.

“On the gold/rand side these are the best levels that the market has ever seen. The gold reaction only confirms the risk-off environment that is in the market at the moment,” Andre Botha, senior dealer at TreasuryONE, said in a note.

On the forex market, by 1538 GMT the rand had weakened 0.44% against the dollar to 14.7250 from its overnight close of 14.6600 per dollar.