The JSE opened sharply lower on Wednesday after a stock selloff in
China as investors resorted to panic selling of counters across the
board.
Technology counters including Tencent (-7.95%), in which local internet giant Naspers [JSE:NPN] has a 34% stake, were hardest hit. Naspers, tracking the Tencent losses, was down 4.05% to R1 694.93.
Commodities were also among the biggest losers with Exxaro Resources [JSE:EXX] (-5.62%), Anglo American Platinum [JSE:AMS] (-2.87%), Gold Fields [JSE:GFI] (-2.32%) and Kumba Iron Ore [JSE:KIO] (-2.06%) the biggest drags on the Resources index, which was down 1.06% in mid-morning trade.
The All-share index was down 0.54%, while the Top-40 gave up 0.46%.
Barclays Group Africa [JSE:BGA] (+1.6%) surprised on the upside, following the axing of Barclays CEO Antony Jenkins.
Jenkins was fired after falling out with the board over the pace of cost cutting and the size of its investment bank, according to the BBC.
In a full statement on its website, Barclays announced the departure of Jenkins as chief executive and the appointment of John McFarlane as executive chairperson pending the appointment of a new CEO.
Brett Birkenstock of Overberg Asset Management said the market appeared to have liked McFarlane's ouster of Jenkins amid deeper price cuts after being at the helm for only three months. The share price rose 3%.
"Many analysts have had downgraded BGA form a HOLD to a SELL," he said.
Among the winners on the JSE were retailers Mr Price [JSE:MPC] (+1.14%) and Pick n Pay [JSE:PIK] (+1.07%), Netcare [JSE:NTC] (+1.21%) and SABMiller [JSE:SAB] (+1.10%).
Telkom [JSE:TKG], which is awaiting judgment in its job cuts dispute with labour union Solidarity, was up 0.16% at R57.86.
In currencies, the rand traded at a four-week low at R12.56/$, down 0.35% on the previous session's close, according to data from INET BFA.
Technology counters including Tencent (-7.95%), in which local internet giant Naspers [JSE:NPN] has a 34% stake, were hardest hit. Naspers, tracking the Tencent losses, was down 4.05% to R1 694.93.
Commodities were also among the biggest losers with Exxaro Resources [JSE:EXX] (-5.62%), Anglo American Platinum [JSE:AMS] (-2.87%), Gold Fields [JSE:GFI] (-2.32%) and Kumba Iron Ore [JSE:KIO] (-2.06%) the biggest drags on the Resources index, which was down 1.06% in mid-morning trade.
The All-share index was down 0.54%, while the Top-40 gave up 0.46%.Barclays Group Africa [JSE:BGA] (+1.6%) surprised on the upside, following the axing of Barclays CEO Antony Jenkins.
Jenkins was fired after falling out with the board over the pace of cost cutting and the size of its investment bank, according to the BBC.
In a full statement on its website, Barclays announced the departure of Jenkins as chief executive and the appointment of John McFarlane as executive chairperson pending the appointment of a new CEO.
Brett Birkenstock of Overberg Asset Management said the market appeared to have liked McFarlane's ouster of Jenkins amid deeper price cuts after being at the helm for only three months. The share price rose 3%.
"Many analysts have had downgraded BGA form a HOLD to a SELL," he said.
Among the winners on the JSE were retailers Mr Price [JSE:MPC] (+1.14%) and Pick n Pay [JSE:PIK] (+1.07%), Netcare [JSE:NTC] (+1.21%) and SABMiller [JSE:SAB] (+1.10%).
Telkom [JSE:TKG], which is awaiting judgment in its job cuts dispute with labour union Solidarity, was up 0.16% at R57.86.
In currencies, the rand traded at a four-week low at R12.56/$, down 0.35% on the previous session's close, according to data from INET BFA.
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