Picture: JSE
Picture: JSE

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.

Economic data set to be released next week will be closely watched to see if the economy is showing signs of improvement from the first half’s weak showing. July’s retail sales data is due on Wednesday and mining production on Thursday.

A number of companies have issued guidance for higher earnings to be reported in the week, with the exception of Impala Platinum.

Consumer goods group AVI’s numbers are due on Monday, with full-year headline earnings per share (HEPS) expected to be between 6.5% and 7.5% higher. AVI gained 0.91% to R111.65 on Friday.

Next will be property group Attacq’s finals on Tuesday. It said in a recent trading statement that net asset value per share at end-June was likely to be between 20% and 25% higher. It lost 0.69% to R15.72 on Friday.

Clover said full-year HEPS are likely to show a sharp recovery of between 207.13% and 227.13% following a number of interventions. It rose 0.72% to R15.47 on Friday.

Implats and Aspen will report finals on Thursday with the former expecting a deterioration in headline losses of between 18% to 36%. Its share price was 3.5% lower at R19.02 on Friday. Aspen expects HEPS to rise by between 8% and 12% but ended Friday losing 0.97% at R267.06.

The top 40 Alsi futures index dropped 0.17% to 50,738 points. It ended the week 2.81% lower. The number of contracts traded was 21,302 from Thursday’s 23,285.