JSE posts broad-based losses with banks and general retailers faring worst
The JSE closed lower on Wednesday, amid mixed global equity markets and lacklustre local data. Renewed focus has fallen on SA’s broader political and economic outlook, with some degree of political uncertainty; recent warnings from ratings agency Moody’s also weighed on certain sectors this week. After releasing a number of reports covering business confidence, the mining sector, banking sector and corporates’ outlook in general earlier this week, Moody’s vice-president and senior sovereign analyst Zuzana Brixiova warned on Wednesday that SA was stuck in a low-growth trap, and that SA was at risk of another downgrade if the government didn’t implement structural reforms. Finance Minister Malusi Gigaba said on Wednesday that Treasury’s growth projection of 1.3% for 2017 was at risk, citing lower tax collections for the first quarter, which missed their target by R13bn. The all share fell 0.38% to 56,152.5 points and the top 40 0.37%. General retailers dropped 1.38%, banks 1.16%, reso...
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.