MARKET WRAP: JSE tracks lower global markets, with retailers faring the worst
The JSE pushed lower on Thursday, tracking weaker global markets, with retailers giving up all of Wednesday’s gains, despite a firmer rand.That sector, and the JSE, had been lifted by positive retail sales data for August, when retail trade sales rose a significant 5.5%, well above a consensus forecast of 2%.Globally, markets were processing comments made by US treasury secretary Steve Mnuchin on Wednesday, that stocks could fall significantly if the promised tax reforms weren’t passed. Mnuchin could be right, according to FXTM chief market strategist Hussein Sayed, because, given the size of the rally, it was doubtful it was only based on economic growth and earnings expectations.The all share closed 0.44% weaker at 57‚896.8 points and the blue-chip top 40 was down 0.43%. General retailers shed 2.01%‚ industrials 0.58%‚ food and drug retailers 0.57%‚ resources 0.36% and financials 0.26%.Gold added 1.39%‚ platinum 0.83% and banks 0.49%.Shortly after the JSE closed‚ the FTSE 100 was ...
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.