The JSE Closed 2.11 percent Down Yesterday
Johannesburg- Sunburst Africa –Trade on the JSE closed in the negative territory yesterday following a decline in mining stocks as oil continue to slide. The biggest losers of the day included: Sasol, MTN Group, Shoprit, Exxaro, and Assore. Vodacom, Imperial and Anglogold topped the list of top gainers. The market closed down 2.11 percent yesterday extending loses from last week.
The market have opened in positive territory this morning and currently trading 0.32 percent in the positive territory. Investors are expected to still remain cautions on the JSE today as the oil price continues to plummet and lack of any exciting data or positive news
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In Asia, Chinese shares have seen the highest rise in 14 months following speculation that the country’s central bank will add stimulus, while equity-index futures signaled gains in the U.S. and Europe. Oil resumed declines and Russia’s ruble led emerging-market currencies higher.
The Shanghai Composite Index surged 3.1 percent and a gauge of mainland companies listed in Hong Kong added 3 percent by 7:19 a.m. in London. Standard & Poor’s 500 index futures advanced 0.3 percent and contracts on the Euro Stoxx 50 Index added 0.6 percent. West Texas Intermediate crude retreated 0.8 percent after yesterday’s 4.3 percent surge. The ruble rose 0.7 percent versus the dollar and South Korea’s won strengthened 0.6 percent.
The People’s Bank of China, which reduced interest rates on Nov. 21, refrained today from draining funds from the financial system, fueling speculation it may be preparing to cut banks’ reserve ratio requirements.
The JSE should close better than yesterday following the positive sentiments from China and the European markets.