{"id":2661,"date":"2021-01-18T22:15:04","date_gmt":"2021-01-18T22:15:04","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=2661"},"modified":"2021-01-18T17:57:17","modified_gmt":"2021-01-18T17:57:17","slug":"jse-retreats-on-long-awaited-biden-stimulus-plan-of-1-9-trillion","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/jse-retreats-on-long-awaited-biden-stimulus-plan-of-1-9-trillion","title":{"rendered":"JSE retreats on long-awaited Biden stimulus plan of $1.9 trillion"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>JOHANNESBURG – THE MARKET retreated on Friday as stocks held back after US President-elect Joe Biden’s long-awaited $1.9 trillion (about R30 trln) rescue plan triggered a risk-off sentiment.<\/p>\n

The JSE All Share Index fell 0.52 percent, down to 63 549.75 points from its recent all-time highs as the markets became wary of hikes to corporate taxes and minimum wage.<\/p>\n

The Top40 Index also eased 0.49 percent to 58 446.35 points as resources, mining, and retailers stocks all fell into the red.<\/p>\n

The JSE’s biggest stock, Naspers, declined 0.97 percent to R3 364.92, while Sasol also eased 0.64 percent to R169.90.<\/p>\n

Mining stocks fell 1.48 percent to 61 008 points led by Anglo American,<\/p>\n

which was 3.4 percent down to R19.53 a share, followed by DRDGold at 1.10 percent to R16.17.<\/p>\n

Harmony Gold and Gold Fields gained 1.48 percent to R67.70 and 1.08 percent to R140.00, respectively, while Sibanye-Stillwater was 0.9 percent higher to R62.71.<\/p>\n

Retail stocks eased 0.46 percent to 4 503 points as Woolworths fell 1.82 percent to R38.75, Pick n Pay eased 0.28 percent to R49.85, while Shoprite rose 1.5 percent to R134.96.<\/p>\n

Biden last week unveiled his $1.9trln economic and health-care emergency relief package, which directly delivers aid to American families, businesses and communities.<\/p>\n

The package also has a major focus on Covid-19 testing, vaccine production and delivery as the pandemic surges to record highs in the US.<\/p>\n

FXTM market analyst Han Tan said the markets were apprehensive following Biden’s foreboding remarks in addressing his proposal’s costs.<\/p>\n

Tan said a lot of the optimism surrounding another injection of US fiscal stimulus had already been priced-in ahead of the keenly awaited announcement.<\/p>\n

He said there was already chatter that the incoming Biden administration may not stop at just $1.9trln and could roll out more fiscal stimulus.<\/p>\n

\u201cAlthough such expectations have in the recent past buoyed risk assets, investors may refuse to get carried away with more of the same headlines,\u201d Tan said.<\/p>\n

\u201cIf the incoming fiscal support is accompanied by more risk sentiment dampeners, such as the threat of heightened regulations, that may not give equities such a big boost.\u201d<\/p>\n

The rand was not spared the risk-off mode as it closed Friday 0.09 percent weaker to R15.24 against the dollar,<\/p>\n

However, FXTM senior research analyst Lukman Otunuga was optimistic, saying the rand had fought back after depreciating against G10 currencies at the start of the week.<\/p>\n

\u201cIt is up almost 2 percent against the dollar since (last) Monday, mainly due to external factors, while a sense of optimism around South Africa securing 20 million doses of Covid-19 has contributed to the rand’s upside.<\/p>\n

\u201cGiven how the dollar is set to weaken on the reflation trade and the Federal Reserve is keen to maintain its ultra-accommodative monetary stance into the foreseeable future, the outlook for the rand remains encouraging.\u201d<\/p>\n

Economists now say since the SA Reserve Bank may leave interest rates at a record low of 3.5 percent this quarter, this might hinder rand gains.<\/p>\n

BUSINESS REPORT<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. JOHANNESBURG – THE MARKET retreated on Friday as stocks held back after US President-elect Joe Biden’s long-awaited $1.9 trillion (about R30 trln) rescue plan triggered a risk-off sentiment. The JSE All Share Index fell 0.52 percent, down to 63 549.75 points from its recent all-time highs as the markets became wary of […]<\/p>\n","protected":false},"author":84,"featured_media":2660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,275],"class_list":["post-2661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nJSE retreats on long-awaited Biden stimulus plan of $1.9 trillion - South Africa<\/title>\n<meta name=\"description\" content=\"JOHANNESBURG - THE MARKET retreated on Friday as stocks held back after US President-elect Joe Biden's long-awaited $1.9 ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/jse-retreats-on-long-awaited-biden-stimulus-plan-of-1-9-trillion\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JSE retreats on long-awaited Biden stimulus plan of $1.9 trillion\" \/>\n<meta property=\"og:description\" content=\"JOHANNESBURG - 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