Political Decisions about Tariffs and Agro-Based Listings on the London, Johannesburg and Euronext Amsterdam Stock Exchanges: Case of Naked Wines, British American Tobacco, Heineken and Premier Group Limited

Ngarava, Saul; Mugadza, Alois Aldridge; Ningi, Thulani; Mukarumbwa, Peter

doi:10.17306/j.jard.2025.00017r2

Abstract

The study objective is to assess the impact of the US tariffs on selected companies on the London, Johannesburg and Euronext stock exchanges. Daily share prices and exchange rates between 10 October 2024 and 11 April 2025 from Yahoo Finance and Fxtop and a Chow Test were used to test for a structural break on the 2^nd of April 2025, when the tariffs came into effect. The results support the existence of a structural break on the day the tariffs came into effect. In conclusion, agro-based companies were affected by the tariffs effected by the US in April 2025. The companies are advised to diversify their markets to reduce risks and boost investor confidence.

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Political Decisions about Tariffs and Agro-Based Listings on the London, Johannesburg and Euronext Amsterdam Stock Exchanges: Case of Naked Wines, British American Tobacco, Heineken and Premier Group Limited

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