MARKET WRAP: JSE closes lower, suffering biggest one-week drop in two years
The JSE extended its losing streak to six sessions on Friday following broad-based losses, with retailers, platinums and property stocks under the most pressure.The local bourse lost 4.77% during the week, its worst performance since January 2016.Risk-off sentiment took hold during the week, as analysts became increasingly concerned by rising global bond yields, which had some effect on local property shares. The market also received clear signals that global liquidity could come under pressure later this year, after positive US data and a hawkish US Federal Reserve open market committee statement.On Friday, US non-farm payrolls report for January showed an uptick in employment, and wage growth, with the figures for December also being revised upwards.The euro ground against the dollar after the report, while the rand extended earlier losses. The stronger dollar put pressure on miners, while a weaker rand hit retailers and financials. Banks, however, pared losses based on a strong p...
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