JSE, rand sharply weaker as global Brexit fallout continues

THE JSE and rand closed sharply weaker for a second consecutive session yesterday as the global fallout from the Brexit vote continued.

Global market jitters after Friday’s rout increased yesterday.

The JSE all-share closed 3.08% lower at 50 086.70 points and the bluechip top 40 dropped 3.13%. Financials shed 4.63% and banks ended the day 4.28% weaker.

Industrials dropped 2.94%. South African-listed property lost 2.78%. Resources shed 1.75%. General retailers were the biggest losers as the index fell 5.3%. The gold index rose 3.6%.

Among individual shares‚ Anglo American ended the day 5.79% lower at R127.86. Glencore fell 4.39% to R27.66. Imperial Holdings slumped 6.62% to R136.53 and Bidvest gave up 5.41% to R131.01.

AngloGold Ashanti leapt 5.55% to R269.66 and DRD Gold was 3.09% higher at R8.35.

Investec plc plummeted 8.58% to R85.48. It is now down 22.3% so far this year.

Barclays Africa led losses among the bigger banks‚ closing 4.73% lower at R139.16. Standard Bank shed 4.4% to R120.50 and FirstRand lost 4.04% to R42.55.

At 6.01pm the rand was at R15.5009/$1, after clawing back some of it losses in intraday trade. It touched its firmest intraday level of R15.0589/$1 in morning trade‚ from a close of R15.2402/$1 on Friday.

Bonds were fractionally softer as the rand retreated. At 6.01pm the benchmark R186 bond was bid at 9.13% and offered at 9.11% from a close of 9.1% on Friday.

South African futures continued on their weaker path in line with the JSE and global markets.