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MARKET WRAP: JSE closes at six-month low on continued concern over trade

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The rand rebounded on Thursday afternoon, strengthening more than 1%, providing a boost for local banking shares

The JSE closed lower on Thursday as some global markets struggled to recover from Wednesday’s sell-off after China vowed to retaliate against US President Donald Trump’s recent tariff threat.

The global sell-off was prompted by weaker-than-expected Chinese retail sales and industrial production, as well as a slowdown in Germany’s economy activity in the second quarter of the year. Gold had gained 0.1% to $1,518/oz while platinum had fallen 0.81% to $839.26. Brent crude was down 1.41% to $58.22 a barrel.

Standard Bank climbed 4.58% to R173.50, Absa 4.03% to R152.10, Nedbank 3.66% to R223.53, and FirstRand 2.85% to R56.61.

 

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