By the close of trade on Friday the JSE was down 4.31% for the week, falling every day to Thursday
The trade war between China and the US has overshadowed local election news over the past few days, pushing the JSE into its worst week in more than a year.
This week’s stock market performance was in sharp contrast to that of the rand and bonds, which reached three-week highs as it became clear that the ANC would secure a commanding victory in the national elections, as expected. The outcome was favoured by markets as traders believe it will give President Cyril Ramaphosa a strong mandate to continue with his economic reforms. The banking index fared best, rising 3.35%, with Standard Bank gaining 4.08% to R203.66, Absa 3.43% to R167.
Steinhoff International slumped another 11.25% to R1.42. This brought its losses for the week to more than 28%, following the release of its restated financial 2017 results on Tuesday.Financials were up 2.11%, with Sanlam rising 2.63% to R76.82, Old Mutual 2.65% to R23.26, and Discovery 3.12% to R149.67.
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