INTERIM RESULTS
JSE revenue and profit drop in slow trade
Thin trading volumes have hit JSE Ltd, with the company reporting a double-digit drop in interim earnings as low volatility and declining investor sentiment hurt revenue. "The country is plagued by low growth, [credit] ratings downgrades and a loss of business confidence. It’s a tricky environment to make long-term capital bets and we see the results of that," JSE CEO Nicky Newton-King said on Thursday. For the six months to June, the JSE’s operational earnings slipped 20% to R453m. Revenue from the cash equities market declined 19% to R235m. Value traded on the JSE was down 13% year on year after being up 18% for the same period in 2016, she said. Globally, stock markets have struggled with declining volumes. Data from the World Federation of Exchanges show that value traded globally between January and June 2017 is down 9% on the same period in 2016, reflecting investor caution. The sale of SABMiller to Anheuser-Busch InBev in 2016 had a considerable effect on trade, said deputy c...
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