MARKET WRAP: JSE tracks lower world markets, but banks continue recovery
The JSE weakened on Thursday, as currency markets failed to give a clear direction to the bourse, and as stocks with a primarily local focus faced yet another disappointing economic print.Banks and some retail stocks pushed higher as the rand remained stable despite pressure factors, including signs the Bank of England will raise interest rates in August.Local news was downbeat, with SA’s current account deficit printing worse than expected, in the South African Reserve Bank’s quarterly bulletin. A gauge in the bulletin reflected that household indebtedness lifted slightly in the first quarter, and while the surge in consumer confidence reported during the period was substantial, it was likely to subside materially in the second quarter, said Investec economist Lara Hodes.Meanwhile unions at Eskom rejected a 4.7% wage offer from the power monopoly.Asian, US and European markets were lower on the day, while many commodities were also under pressure from a sharp fall in the oil price,...
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