Retail numbers let market down
Disappointing trading updates weighs on retailers, as rand improved on news of Britain’s access to the single market after Brexit
The JSE closed weaker on Tuesday as the rand firmed against the dollar, pulling rand-hedge stocks lower. Disappointing trading updates weighed on retailers. The rand’s improvement came with the pound’s drastic rise against the dollar after British Prime Minister Theresa May said the UK would aim for the "greatest possible" access to the single market after Brexit. Resource shares were lower after Statistics SA released disappointing mining data for November. Output fell 4.2% year on year. A Bloomberg consensus forecast a 0.9% retraction. Gold shares rose as bullion firmed and investors continued to rely on the sector for its safe-haven status. The JSE all share eased 0.64% to 52,817.70 points and the blue-chip top 40 eased 0.62%. General retailers shed 2.07% and industrials 0.80%. The gold index added 0.58%. The share prices of retailers Mr Price and Shoprite were hit by disappointing sales updates, but Cashbuild’s second-quarter numbers pleased the market. Shoprite lost 1.23% to R1...
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