Moody’s downgrades China

THE JSE closed weaker yesterday amid generally negative emergingmarket sentiment following rating agency Moody’s decision to downgrade China’s sovereign credit rating.

Moody’s assigned China a rating of A1 with a negative outlook from Aa3 previously‚ citing the country’s debt levels as a major risk for investors.

At the JSE’s close‚ the platinum price was 0.30% lower at $942.97 an ounce while Brent crude was off 0.44% at $53.95 a barrel.

The all-share closed 0.44% lower at 54 308.70 points and the blue-chip top40 index dropped 0.47%. Platinums lost 3.97%‚ the gold index 3.49%‚ resources 0.93% and industrials 0.71%.

Banks gained 1.97% and financials 0.70%. Property added 0.18%.

At 3.48pm‚ the rand was at R12.93/$ from R13.07/$‚ at R14.47/ from R14.62/ and at R16.74/£ from R16.95/£. — TMG