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MARKET WRAP: JSE at six-week low as election results roll in

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Global risk-off trade has put pressure on the local bourse, while early results in the general election show the ANC’s majority has fallen below 60%

The JSE fell on Thursday, in its worst day in four months, amid risk-off global trade.

Locally, all eyes are on the elections as investors wait to see the size of the ANC’s majority. The party’s performance will be closely watched amid uncertainty regarding the ability of President Cyril Ramaphosa to push ahead with his pro-growth and anticorruption agenda. As the JSE closed the ANC held 56.88% of the vote, with about 42% of ballots counted. The rand was 0.4% weaker at R14.4275/$.

Gold was up 0.32% to $1,284.80/oz while platinum was down 1.36% to $850.37. Brent crude had fallen 0.74% to $69.68 a barrel.

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