The JSE closed weaker on Tuesday as the news that SA was officially in recession caused a sharp sell-off in banking and financial shares. Gold shares ended the day sharply higher. Sentiment was firmly risk-off after it was announced the economy retracted 0.7% in the first quarter from 0.3% in the fourth quarter last year — technically a recession. The news was unexpected as the market anticipated GDP growth in the first quarter to come in at about 1%. The all share closed 1.17% lower at 52,251.90 points and the blue-chip top 40 dropped 1.19%. Banks shed 3.28% and financials dropped 3.25%. General retailers closed 2.75% lower, and food and drug retailers ended the day 2% down. Industrials were 1.58% lower and property shed 0.93%. The gold index jumped 6.93% and resources added 1.29%. Platinums shed 1.20%. Kumba Iron Ore added 2.41% to R148.50. PSG was 3.27% lower at R235.50. Among gold stocks, AngloGold Ashanti jumped 7.26% to R156.23 and Sibanye was up 7.50% to R16.76. Hyprop was 0....
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