Futures lower as JSE closes weaker after a day of broad-based losses
South African futures closed lower on Thursday as the market followed a weaker JSE. The all share recorded broad-based losses led by gold stocks and resources. Banks and financials were also under pressure. The lower growth projections and envisaged higher tax burden announced in Finance Minister Pravin Gordhan’s medium-term budget policy statement on Wednesday weighed on the market. Global equity markets were mixed on the day despite third-quarter GDP growth in Britain, at 0.50%, coming in better than expected. The FTSE was up 0.10% soon after the JSE’s close. Investors reacted lukewarmly to Deutsche Bank reporting a small third-quarter profit, beating very low expectations. A firmer Brent crude price failed to lift global sentiment. At the JSE’s close Brent had gained 1.18% to $50.52 a barrel. The all share closed 0.80% lower at 51,139.70 points and the blue-chip top 40 dropped 0.93%. The gold index shed 3.70% and resources were 1.42% lower. Platinums dropped 1.31%. Banks gave up ...
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