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MARKET WRAP: JSE slips in risk-off trade as Naspers leads losses

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Investors are wary after an increase in US-China trade tension, with the Shanghai Composite experiencing its worst day in over three years

The JSE closed lower on Monday as global markets reacted to US President Donald Trump’s threat to increase tariffs on Chinese imports, sparking the worst day for the Shanghai Composite in more than three years.

There was serious pressure on European and Asian markets, with the Shanghai Composite falling 5.58% and the Hang Seng almost 3% earlier in the day. The all share fell 1.05% to 58,712.8 points and the top 40 lost 1.31%. Industrials fell 1.54% and banks 1.48%. Platinums added 1.31% and property stocks 0.97%.

Domestic focus remains on Wednesday’s national polls, the results of which could determine the extent to which President Cyril Ramaphosa will be able to pursue his pro-growth and market-pleasing policies.

 

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