MARKET WRAP: JSE closes weaker as renewed risk-off trade hits market
The JSE all share closed weaker on Tuesday as renewed risk-off trade returned to the market amid a weaker US bond market, causing the dollar to firm. The local market was also on tenterhooks before the budget on Wednesday, which analysts have cautioned could temper the momentum created by Cyril Ramaphosa’s rise to the Presidency. Indications of a deteriorating fiscal position in the budget presentation, might give the green light to ratings agency Moody’s to announce further downgrades of the South African economy next month. The Dow was 0.45% weaker at the JSE’s close. The FTSE 100 was lower, but European markets picked up the pace on the softer euro. Losses on the JSE were broad-based, led by retailers and miners. Rand hedges were mixed on the weaker rand, with Naspers down 3% at one stage before recovering towards the close. British American Tobacco ended the day higher. Property stocks remained under pressure, despite upbeat annual results from Nepi Rockcastle, released on the d...
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