JSE closes weaker on profit-taking in cautious trade before Eskom results
The JSE closed lower on Monday, as global risk-off sentiment ensured a sharp sell-off in banking, financial and property stocks, while global diversified miners gained on the weaker rand. Local factors were also at play. Eskom was due to publish its delayed interim financial results on Tuesday, ahead of a JSE warning that could see its bond listings suspended after Wednesday. "Markets seem to be a bit wary in anticipation of Eskom’s financial results," said Peregrine Treasury analyst Bianca Botes. This caution puts into perspective the dire straits SA still finds itself in as a result of weak economic fundamentals, she said. The rand weakened through R12 to the dollar for the first time in a week, before recovering marginally, as the latter bounced back from three-year lows against the euro. Profit-taking was the order of the day. Some local stocks have been delivering sterling results for local and foreign investors for quite some time. The banking index returned a total 3.6% in Ja...
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