Why Shares of Sasol led the fall on the JSE yesterday.
Johannesburg— Sunburst Africa— Shares of Sasol Limited (JSE Code: SOL) fell the most on the JSE yesterday. At close of trade, Sasol was down 2.6 percent. This was at the backdrop of South African stocks edging lower on the day as the All-Share Index closing 0.64 percent down. The fall in share price of Sasol, which makes almost half of its sales from the fuel, was mostly attributed to investor’s adjustment of their positions ahead of a key OPEC meeting.
Oil prices fell in volatile trade ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting on Friday to discuss the group’s oil output which is expected to remain unchanged.
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South Africa’s biggest Insurer- Sanlam was among the losers of the day. Its shares fell 0.70 percent to 67.61 Rand. This was despite its announcing a 17 percent jump in earnings for the first four months of this year as its emerging markets division and personal finance division sales grew. Most JSE analysts are of the view that investors were in risk-off mode because of global uncertainty. With the current thread of interest rates going up in the coming months, investors are getting cautious about committing money to shares.
While there was a huge sell-off on the markets, many companies also made huge gains.
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