Sanlam Private Wealth Morning Digest 22 February 2018

Local Markets

Following a sharp drop at the end of the session, the JSE ended in negative territory on Thursday. By the close, the All Share had fallen 0.37% as it moved to 55,483.8 index points, while the Top 40 shed 0.4%. In what turned out to be a busy session for corporate releases, the gold mining index plunged 3.58% to feature among the worst performers. This was partly due to Sibanye losing 3.96% after it released its latest results. In addition, the resource index ended 0.98% lower, with Glencore dropping 2.03%. The industrial index also weighed on the market, impacted by a 1.58% decline in Naspers. Finally, on the upside, a stronger rand helped the banking index to add 1.8%.

American Markets

Wall Street brought an end to its recent run of gains during the previous session, weighed down by fears of a global economic slowdown. However, sentiment did receive a boost from reports that the US and China were beginning to outline a deal to end their seven-month long trade dispute. The Dow Jones led the losses, down 0.4%, followed closely by a 0.39% decline in the NASDAQ as it brought its eight-session winning streak to an end. Lastly, the S&P 500 shed 0.35% as it moved to 2,774.88 index points, with Nike dropping 1.1%.