MARKET WRAP: JSE ends week down on lack of momentum after GDP shock
The global outlook appears murky on trade tension between the US and China, while strong US jobs data point to more rate hikes there
The JSE closed lower on Friday, ending a choppy week as global risk-off trade and disappointing local data kept investors on the sidelines. The all share was under pressure for most of the week following the release of disappointing GDP data for the second quarter, which indicated that the economy was in a technical recession. The weaker rand failed to lift the overall market, with rand hedges and Naspers trading in subdued fashion amid global risk-off trade that also saw US markets losing momentum. The rand was last seen at R15.1229 to the dollar from R15.3343, as it appeared unaffected by strong US jobs data, which supports the dollar. The benchmark R186 government bond was bid at 9.135% from 9.180%. BlackRock analysts expect the outlook to remain gloomy in the short term amid little indication that the US and China are close to a reconciliation on trade disputes. The all share closed 0.11% lower at 57,068.50 points on Friday and the top 40 lost 0.12%. It ended the week 2.7% lower...
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