JSE losses deepen as stock rout continues

The JSE tumbled on Thursday as it resumed its downward trend following a minor relief bounce caused by the budget speech.

The global stock rout deepened on Thursday as concerns over the spread of the Coronavirus remained prevalent due to a high number of cases being reported outside of China.

In Asia, the Hang Seng and Shanghai Composite Index managed to eke out gains of 0.31% and 0.29% respectively, however the Nikkei tumbled 2.13%.
In Europe the losses deepened as all the major bourses fell by an average of at least 3%. US stocks also opened lower on the day with the 10-year Treasury yield falling to multi-year lows.
 
On the local bourse, Nampak [JSE:NPK] closed as one of the biggest losers after it plummeted 13.23% to close at R4.00, while Steinhoff International Holdings [JSE:SNH] was further dragged down by the release of a 3-months trading update which saw the stock fall 13.44% to close at R1.61.

Anheuser-Busch InBev [JSE:ANH] reported its 4th quarter results which were slightly weaker than expected. This saw the share fall 7.36% to close at R940.90. Most of the rand sensitives which rallied in the previous session, relinquished most of the gains in Thursday's session. Woolworths [JSE:WHL] fell 5.77%  to close at R37.37, the Spar Group [JSE:SPP] lost 6.38% to close at R163.36, while Massmart [JSE:MSM] tumbled 5.26% to close at R45.00 following the release of its full-year results.

Losses were also recorded for Kumba Iron Ore [JSE:KIO] which lost 6.38% to close at R298.31, as well as Sasol [JSE:SOL] which slipped to a fresh 10-year low of R184.97 before closing at R185.45 after losing 4.93% on the day.

Gains were relatively modest on the day. Mondi [JSE:MNP] was buoyed by the release of a robust set of full-year results which saw the stock gain 1.98% to close at R320.22. British American Tobacco [JSE:BTI] was lifted by the preliminary announcement of its full-year results which resulted in the share gaining 2.24% to close at R634.30.

Gold miners advanced on the back of the rise in the yellow metal price. Gains were recorded for DRD Gold [JSE:DRD] which advanced 5.5% to close at R11.50, AngloGold Ashanti [JSE:ANG] which added 0.89% to close at R324.68, as well as Gold Fields [JSE:GFI] which closed at R111.10 after gaining 0.6%.

The JSE All-share index fell 2.91% while the blue-chip JSE Top-40 index lost 2.96%. All the major indices fell on the day led by the financials index which lost 4.5%. The industrials and resources indices fell 2.47% & 2.6% respectively.

Brent crude was not spared on the day as it was trading 3.75% lower at $50.83/barrel just after the JSE close.

At 17:00 CAT, gold was 0.75% firmer at $1 651.89/Oz, palladium was down 0.48% at $2 776.03/Oz, and platinum was 0.13% softer at $910.11/Oz.

markets

ZAR/USD
16.55
(+0.78)
ZAR/GBP
20.92
(+0.37)
ZAR/EUR
18.93
(+0.67)
ZAR/AUD
11.62
(+0.40)
ZAR/JPY
0.16
(+0.47)
Gold
1807.86
(-0.06)
Silver
19.25
(-0.03)
Platinum
830.00
(+0.18)
Brent Crude
43.06
(+0.42)
Palladium
1963.00
(+0.31)
All Share
56374.05
(+1.52)
Top 40
52048.69
(+1.59)
Financial 15
10697.88
(+1.61)
Industrial 25
76413.30
(+1.19)
Resource 10
54358.32
(+2.14)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 2138 votes
I am taking a hit, but should be able to recover in the next year
23% - 2742 votes
My finances have been devastated
35% - 4156 votes
It's still too early to know what the full effect will be
25% - 2974 votes
Vote