MARKET WRAP: JSE hits a two-month low in cautious trade
The all share is down to 57,315 points as Steinhoff manages to almost double its sshare price since hitting R6 last week
Losses on almost all the JSE’s major indices sent the local bourse to its worst level since early October on Tuesday, despite the continued recovery by embattled retailer Steinhoff. The JSE hit an intra-day low of 57,315 points, with market heavyweight Naspers the primary culprit, which ended the day off 3.42% at R3,500. Local and global market activity was somewhat subdued by upcoming risk events. These include a US Federal Reserve monetary policy statement on Wednesday, and the forthcoming ANC elective conference. Alleged accounting irregularities at Steinhoff also continue to weigh on the market, having placed increased focus on corporate governance issues in SA. The retailer added 25.78% to R11.76, having almost doubled in value so far this week. The local currency failed to give the market direction, having remained stable since Monday, but analysts warn volatility could pick up in coming days. Portfolio inflows to emerging markets overall had faltered so far in December, parti...
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