After bleeding 2% at mid-morning trading, the JSE closed 1.88% weaker at close on Friday. This was on the back of renewed fears over coronavirus and the fall in US Treasury yields as investors want Treasury bonds in masses. The US 30-year and 10-yearTreasury yields both recorded declines with the former having penciled an all-time low. Dow Jones closed 2.14% lower and NYSE Composite index shed 1.91%. In Asia stocks mostly fell as Hang Seng weakened by 2.32%, Shanghai Composite Index closed 1.62% weaker while Nikkie surrendered 2.72%
The Rand weakened further after SA confirmed the 1st case of coronavirus, pulling along the Financials on the JSE. The Firstrand lost 5.46% closing the day at R52.86, ABSA Group slipped 4.45% to close at R126.11, Discovery which bled 3.62% to close at R99.27.
On the heels of the announcement that the company will shut down Anglo Converter Plant, Anglo America Platinum plunged by 14.32% to dwell at R947.64 leaving Anglo American PLC losing 6.27% to close R345.00. SASOL which has been on the headlines the past couple days dropped by 5.9% to close at R159.92 after Moody’s had downgraded its debt rating on Thursday. Impala Platinum, Northam Platinum and Sibanye stillwater closed stronger at 12.8%, 14.26% and 7.6%, respectively. Goldfields led the gainers in the Gold segment with 3.38% and Harmony Gold followed with an increase of 3.03%.
The JSE All-Share index closed 1.88% lower. JSE Top-40 index surrendered 1.8%, Financials index biggest losers amongst the major indices after retreating 3.11%, Industrials lost 1.3% and Resources shed 2.04%.
The Brent crude was trading 5.46% lower at $47.24/barrel at close, Johannesburg. Platinum was up 4% at $902.26/Oz, while Gold had risen 0.69% to trade at $1683.92/Oz
By: Erasmus Boshomane
Email: eboshomane7@gmail.com
CELL: 084 847 6895 & 079 457 3199
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