Sanlam Private Wealth Morning Digest 13 June 2019

Local Markets

In what turned out to be a choppy day of trading, the JSE ended slightly lower by the close. By the end of the session, the All Share had fallen 0.1% to settle at 58,710.6 index points, compared to a 0.07% decline in the Top 40. The banking index featured among the worst performers, down 1.19%, followed by a 0.58% drop in the industrial index. The decline in the industrial index was mainly attributed to a 3.12% slump in British American Tobacco after it released an update, while Naspers shed 1.1% before publishing a trading statement after the market closed. Lastly, the gold mining index bucked the trend after it surged a massive 5.32%.

American Markets

Wall Street ended lower for the second consecutive session on Wednesday, impacted by sustained trade tensions between the US and China. In response, the NASDAQ led the region?s declines once again, down 0.4%, followed by a 0.2% drop in the S&P 500. The Dow Jones also ended in negative territory after it lost 0.17%, with the index moving to settle at just above the 26,000 index point level. Finally, among specific shares, Tesla slumped 3.61% despite comments from its CEO, Elon Musk, which confirmed that the group was not suffering from demand and production issues.