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MARKET WRAP: JSE higher in broad-based gains, with gold miners faring best

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The protracted US-China trade war continues to batter global markets, and is fuelling fears of a global recession

The JSE rose on Monday, while global markets remained cautious as US President Donald Trump’s trade crackdown continues to weigh on market sentiment.

The gold index led gains on the local bourse, climbing 3.62%. The all share added 1.14% to 56,286.3 points and the top 40 1.26%.Risk aversion increased on Friday after the US announced it would impose a 5% tariff on Mexican imports in a bid to force it to stem illegal migration. Imperial slumped 5.12% to R57.10, after saying earlier it intends to write down the value of loss-making consumer packaged goods business in SA by up to R1.4bn as part of the group’s portfolio restructuring.

Taste jumped 22.22% to 11c, despite the troubled group reporting a revenue decrease of 7% to R959.5m for the year ended February. The benchmark R186 government bond had strengthened, with its yield falling 3.5 basis points to 8.4%. Bond yields move inversely to bond prices.

 

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