MARKET WRAP: JSE closes lower as China lodges WTO complaint

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MARKET WRAP: JSE closes lower as China lodges WTO complaint
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Absa manufacturing purchasing managers’ index declined to 45.7 index points in August from 52.1 previously

The JSE closed in negative territory on Monday, with miners faring worst, while investors digest developments in the US-China trade war as the latest tariffs came into effect.

Shortly after the JSE closed, the rand had firmed 0.15% to R15.2098/$, 0.37% to R16.6787/€ and 0.95% to R18.3472/£. The euro had weakened 0.22% to $1.0966. Gold was up 0.37% to $1,525.98/oz while platinum was down 0.67% to $929.81. Brent crude lost 0.75% to $58.62 a barrel. Data released on Monday showed that new car sales decreased by 7.6% year on year to 29,075 in August.

Old Mutual dropped 2.36% to R17.76. The company said on Monday that its adjusted HEPS rose 10% to 109.1c in the six months to end-June. The company has been involved in a bitter battle with former CEO Peter Moyo, which has had a substantial effect on its share price. The day before the news of the separation broke on May 24, it was trading at R21.70, a difference of about 18%.

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