JSE ends flat after choppy trade, as food and drug retailers offset gains in resources
The JSE was little changed on Monday, with most indices flat in low-volume trade for much of the day. Turnover did, however, pick up steam in the afternoon, with the all share closing within a hair’s breadth of 58,000 points. Food and drug retailers were under pressure following a disappointing statement by Pioneer Food Group, which fell 2.92% to R114.55. Pioneer earlier warned it expected headline earnings per share (HEPS) to decrease by between 48% and 56% for the year to end-September. Dollar strength also weighed on some commodities on Monday, notably gold, but a weaker rand and recent rally in industrial metals continued to support diversified miners, which led the gains on the bourse. Currency volatility is expected to provide market direction this week, amid a spate of risk events including the medium-term budget policy statement on Wednesday. The greenback was bolstered by some progress on US President Donald Trump’s tax reforms, while markets were also gauging the increased...
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