Global investors favoured safe havens this week after news broke that US Democrats are beginning a process to impeach President Donald Trump.
The JSE ended marginally lower, with the all-share index falling 0.11% and the top 40 0.15%. Banks lost 1.14% and gold miners, which have run hard of late, 4.54%. “The market’s destiny is at Donald Trump’s fingertips. A single tweet ... could send equities rallying, while they could also shatter market sentiment,” London Capital Group senior market analyst Ipek Ozkardeskaya said, adding that Trump’s next move “is anybody’s guess”.
Brent is now back at levels last seen before the September 14 drone attack on Saudi Arabia’s oil production facilities, with the Middle Eastern country saying earlier that production was almost back to pre-attack levels. A rise in US inventories also weighed on prices.
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