JSE pushes higher despite further signs of economic weakness
Disappointing local figures were offset by subdued global data, with a firmer rand taking the edge off news that domestic retail sales grew a miserly 0.5% in April year on year
The JSE brushed off dismal local data on Wednesday, with Naspers leading the gains followed by banks and financials, while retailers slipped 1.6%.Resources shares came under pressure from a firmer rand, while volumes on the local bourse were well below average for a third consecutive day.Retailers were under pressure after data for that sector came in well below expectations, although banks gained on a firmer rand.The local unit found support from disappointing economic data out of both the UK and eurozone.Retailers suffered from local economic data, which once again underscored the fact that SA’s economy has not performed as well as was hoped in the early part of 2018.Retail sales growth reached just 0.5% in April compared to the same period in 2017, well below the 4% expected by economists.While the numbers were disappointing, as consumer spending contributes about 60% of GDP, activity was still expected to pick up through the course of 2018, said Nedbank Group Economic Unit analy...
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