Picture: ISTOCK
Picture: ISTOCK

The JSE, which fell 0.51% on Tuesday, looks set for another day of losses, judging from global markets.

Added to global jitters over Brexit and US tax legislation, local traders could be rattled by the drama unfolding in neighbouring Zimbabwe.

The rand was trading at R14.38/$, R16.97/€ and R18.91/£ at 7am.

The Zimbabwean army took control of the nation’s broadcaster on Tuesday night, after which Maj-Gen Sibusiso Moyo gave a short speech on television.

Moyo said President Robert Mugabe and his family "are safe and sound and their security is guaranteed".

"We are only targeting criminals around him who are committing crimes that are causing social and economic suffering in the country in order to bring them to justice," Moyo said.

"As soon as we have accomplished our mission, we expect that the situation will return to normalcy.

"To the civil servants, as you are aware, there is a plan by the same people to influence the current purging that is taking place in the political sphere to the civil service.

"We are against that act of injustice and we intend to protect every one of you against that."

Asian markets took their cue from the US, where the continued slide of General Electric contributed to the S&P 500’s 0.23% decline.

Brait said on November 7 it expected to report on Wednesday its net asset value per share at September 30 was as much as 37.7% lower than the previous year due to it valuing UK fashion chain New Look at nil.

Brait did not provide guidance for its interim headline earnings per share. The investment holding company reports the ratio of its enterprise value divided by earnings before interest, tax, depreciation and amortisation (EV/ebitda).

"Historic EV/ebitda valuation multiples applied at September 30 2017 for Virgin Active and Iceland Foods are unchanged at 11.4 and nine respectively. Premier’s valuation multiple has been reduced from 13.2 to 12.4, largely to take consideration of the trend over the past twelve months of the peer average spot multiple trading at an increased discount to its three-year trailing average," Brait said in its trading statement.

Statistics SA is scheduled to release September’s retail sales figures at 1pm. A poll of economists by Trading Economics found the consensus is that annual retail sales growth will have slowed to 4.5% in September from 5.5% in August.

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