MARKET WRAP: JSE closes lower as China lodges WTO complaint

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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