The JSE suffered its worst daily percentage fall in 2018 on Wednesday as the local market retreated more than 3%, dragged down by a sharp fall in Naspers and plummeting mining stocks.This followed a negative update from ratings agency Moody’s about the government’s finances, together with weak retail sales data in June, making it likely that the economy went into a technical recession in the first half of 2018.Moody’s expects the fiscal deficit to weaken to about 4% of GDP in the year to the end of March 2019. That compares with the state’s February budget forecast for a 3.6% deficit.ANC chair Gwede Mantashe’s comments added to further nervousness: he said the Constitution needed to be amended to limit land ownership to 12,000ha per farm owner, and that white farmers who owned more than that should hand over the rest to the state without compensation.Mining stocks were pummelled by a firmer dollar, with the euro weakening to an annual low of $1.1301, as well as by lower oil prices. ...
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