MARKET WRAP: Widespread losses drive JSE down

The JSE slumped in broad-based losses on Monday, as investors shied away from risky assets amid growing concern that the global economy was faltering.

Asian and European markets were sharply lower, still weighed down by poor eurozone economic data on Friday. Some focus was on the UK, where Prime Minister Theresa May is seemingly battling to hold on to her position. Reports have suggested that May has offered to resign, should rebellious members of her party stop opposing her draft Brexit deal.

As the JSE closed gold was up 0.57% at $1,320.31/oz and platinum 0.97% to $854.19. Brent crude was flat at $66.92 a barrel. Growthpoint lost 2.97% to R23.51. It said earlier that its board had decided not to allow investors to buy new shares with the interim dividend to end-December, and shareholders would instead receive cash. This decision was made due to current market conditions.Naspers lost 1.6% to R3,225.58, having earlier said it planned to list its nonSA internet operations in Amsterdam, including its prized stake in China’s Tencent. There would be a secondary listing on the JSE.

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