Weak retails sales data for July dragged the JSE all share down on Wednesday with the market already under pressure following the release of downbeat business confidence numbers, and Moody’s assigning a negative outlook for SA’s financial companies. Standard Bank, trading ex-dividend, fell 2%. It was announced on Tuesday that Ben Kruger would step down as joint-CEO of the group, leaving Sim Tshabalala alone at the helm. Annual growth in retail sales moderated to 1.8% in July, lower than the market’s forecast of 2.9%, and from 3.2% in June. After plunging from 40 to 29 in the second quarter, the Rand Merchant Bank Bureau for Economic Research business confidence index rose by six points to a still low 35 in the third quarter. Moody’s said it had assigned its negative outlook on deteriorating profitability and asset risk for SA’s insurance sector as insurers’ creditworthiness would likely remain under some pressure over the next 12 to 18 months due to subdued economic conditions. The ...
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.