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The local market recorded its biggest loss in over two months on Tuesday as investors shied away from riskier trades due to growing concerns surrounding the outbreak of the Coronavirus in China. The JSE lost 1.49% for the day.
Wall Street opened lower on Tuesday, weighed down by growth worries and fears about the outbreak of a virus in China. At 19h55, the S&P 500 was 0.05% down.
European indices slipped slightly on Tuesday due to global fears around the virus outbreak in China, however, losses were softened by positive German business sentiment data and trade discussions between France and the US. The STOXX 600 Index closed 0.14% lower.
On Tuesday, just ahead of the Lunar New Year holiday, the Chinese stock market fell to a two-week low after it was announced that a new virus, which has killed four people so far, spread via contact. The Hang Seng lost 2.81% and the Shanghai 1.41%.
Although pandemic fears in light of a new virus in China led to a drop in Japanese shares and tourism; mask, protective attire and infrared camera makers recorded gains on Tuesday. The Nikkei closed 0.91% weaker.
The local currency extended losses on Tuesday as it struggled to gain momentum in light of the weak South African economic outlook fuelling pessimism. At 19h55, the rand traded R14.46 to the US dollar.
Although bullion prices took a slight knock on Tuesday, fears that the Coronavirus in China could lead to a possible economic fallout kept the gold price steady. An ounce of gold cost $1 557.16 at 19h55.
Oil prices slipped on Tuesday on the back of expectations that the well-supplied global market and growing US oil production would be able to absorb losses from Libya’s production cuts. At 19h55, a barrel of Brent crude traded for $65.13.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer