What a day for the JSE! The all share index closed 7.30% in the red today. This is the lowest the index has been since 2006. The local markets are still not sure how to react to the financial crisis gripping the US economy and ultimately affecting the global economy. The $700bn US bailout has been approved but what next for the markets? Markets do not like uncertainty and this is being highlighted by the current slump we are seeing in the markets.

Just looking at how serious things were today on the JSE: Resources were down 9.18%, Platinum stocks lost 10.41% and gold miners only shed 0.83% as investors look to invest in gold as a ’safety net’ during this turbulent time. Industrials fell 5.83%, financials shed 6.44% and banks were down 9.10%.

Looking at some of the big movers on the JSE today: Anglo American (AGL) lost R30.02, or 11.31%, to R235.48 and BHP Billiton (BIL) fell R15.98, or 8.95%, to R162.56. Arcelor Mittal (ACL) gave up R35.74, or a staggering 26.14%, to R101.01, as it was one of the biggest loosers of the day. Looking at the Banks: Standard Bank (SBK) lost R8.65, or 9.94%, to R78.35, Nedbank (NED) was down ten rand, or 10%, to R90, Absa (ASA) shed R7.05, or 6.59%, to R99.95 and FirstRand (FSR) gave up R1.30, or 8.10%, to R14.75.

What a day! Let’s wait and see what tomorrow has in store for us.

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