The trade war between China and the US has overshadowed local election news over the past few days, pushing the JSE into its worst week in more than a year.
This week’s stock market performance was in sharp contrast to that of the rand and bonds, which reached three-week highs as it became clear that the ANC would secure a commanding victory in the national elections, as expected. The outcome was favoured by markets as traders believe it will give President Cyril Ramaphosa a strong mandate to continue with his economic reforms. The banking index fared best, rising 3.35%, with Standard Bank gaining 4.08% to R203.66, Absa 3.43% to R167.
Steinhoff International slumped another 11.25% to R1.42. This brought its losses for the week to more than 28%, following the release of its restated financial 2017 results on Tuesday.Financials were up 2.11%, with Sanlam rising 2.63% to R76.82, Old Mutual 2.65% to R23.26, and Discovery 3.12% to R149.67.
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