Why the JSE Closed Over 1percent in Negative Territory Yesterday

What: The Johannesburg Stock Exchange (JSE) All-Share Index closed 1.02 percent in negative territory yesterday. Total volume traded was R13.1 billion. Among top losers of the day were: Discovery Ltd (JSE Code DSY) down 2.6 percent, AngloGold Ashanti Ltd (JSE Code: ANG) down 2.5 percent, Naspers Ltd (JSE Code: NPN) down 2.2 percent, Mondi PLC (JSE Code: MNP) down 2.2 percent and FirstRand Ltd (JSE Code: FSR) down 2.1 percent.
Why: Factors that contributed to the negative market performance on the JSE yesterday included: Low volume trade. The total volume traded on the JSE yesterday was just R13.1 billion-way below the average daily trade for the previous month. This was associated to the fact yesterday was a day before today’s public holiday in celebration of the national youth day.

The Greek Question remained a challenge for global markets. Athens urgently needs to find a deal with its creditors before the June 30 deadline to avoid defaulting on its financial obligations.

Outside South Africa, Wall Street also traded lower in early sessions as Greek debt talks fail. The Dow traded in the red by -0.90%, while the S&P 500 traded -0.82% lower, and NASDAQ traded -1.07% down. Asian markets edged lower on concerns over Greek debt talks, while investors were cautious ahead of Fed policy meeting later this week. The Nikkei closed -0.09% lower, while the Hang Seng closed lower by -1.53%. European indices traded lower as Greek debt talks fail. The DAX traded lower by -1.78% while the CAC 40 was lower by -1.65% and the FTSE 100 traded -0.91% lower. At local close Oil (Brent) traded lower by -1.94% at $62.63 while Gold traded higher by +0.23% at $1181.90. The dollar traded 0.26% stronger against the EURO at EUR/USD $1.1237. On the local front the All Share index closed lower by -1.02%, while the rand traded 0.28% weaker against the dollar at R/USD 12.4135
Today Markets on the JSE are closed for a public holiday as the nation celebrates the National Youths Day.

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