JSE flat as market focuses on company earnings and the budget speech
The JSE all share was little changed at lunchtime on Wednesday, with a strong rebound in Naspers’s share price tempering sell-offs in other segments of the market.Investors were largely focused on corporate earnings, the fundamental driver of share prices, as well as the budget speech Finance Minister Malusi Gigaba will table in Parliament at 2pm.Tiger Brands lost 8.24% to R413.57, making it the biggest loser among blue-chip stocks, after the food producer said it expected a 5% decline in revenue in the four months to January.Tiger Brands is among those stocks that shot up in anticipation of the swearing-in of President Cyril Ramaphosa as head of state last week.Banks turned positive after inflation came in better than expected, backing the case for a potential cut in interest rates, which could happen as early as March. Consumer inflation, which the Reserve Bank monitors to decide on rates, moderated to an annual rate of 4.4% in January, from 4.7% in December.Retail stocks were mos...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.