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As this is the last Daily Investment Update for 2018, we'd like to wish you a peaceful holiday season and a prosperous New Year. Whatever your plans are for the break, stay safe. We'll see you again on 9 January 2019.
The JSE closed slightly down on Thursday, despite the rand’s strong performance, due to gold and platinum miners faring poorly. At the end of business, the All Share was 0.43% lower.
US markets faced a difficult Thursday after the Federal Reserve (Fed) Chair, Jerome Powell, announced that the planned monetary policy for 2019 included fewer interest rate hikes. By 19h50, major US markets had all dropped by more than 1%.
On Thursday, European markets reached levels last seen in 2016; this after Powell disappointed investors with his view of fewer rate hikes for 2019. The STOXX 600 closed 1.60% down.
Hong Kong shares tumbled on Thursday as their central bank cautioned against downside risks to the economy. The Hang Seng ended the day 0.94% down.
Thursday was a stressfull day for Japanese shares as the Fed’s interest rate plans led to global sell-off. The Nikkei closed 2.84% down.
After initial losses on Wednesday night following the Fed’s interest rate announcement, the rand strengthened on Thursday as the dollar lost ground. At 18h50, the rand traded R14.36 to the dollar.
Although markets suffered on Thursday, gold reaped the benefits as investors turned to bullion for safety. At 19h35, the price of an ounce of gold had risen to $1 261.71.
Thursday had no mercy for oil prices as it fell to its lowest point in over a year because of the US interest rate increase and concerns about oversupply leading to market knocks. At 19h30, Brent crude cost $55.53 per barrel.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer