JSE slips to two-week low as industrials and financial stocks weaken
The JSE retreated to a two-week low on Friday, pulled down primarily by industrial and financial stocks. The all-share index was off 0.81% at 50,726.30 points at lunchtime, with the top 40 index losing 0.83%. Nedbank Private Wealth stockbroking portfolio manager Grant Gilburt said the market was pricing in the probable pulling back from monetary policy easing, most notably from the US Federal Reserve which is expected to increase interest rates in December. The UK economy grew faster than expected in the September quarter, soothing concern about the immediate effect of Brexit on the economy and reducing the likelihood of further monetary policy easing from the Bank of England. Europe’s leading markets were mixed at midday, but US stock futures pointed to a modestly positive opening on Wall Street later.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.