MARKET WRAP: JSE snaps losing streak on spate of good news
Miners were on the receiving end of downbeat data on the day
The JSE snapped a four-session losing streak on Thursday, rebounding from losses shortly before the market closed, due to a strong performance by Naspers.The rand was firmer, lifted by a sharp increase in interest rates in Turkey, news that the US and China were set to hold a new round of trade talks, as well as tepid US inflation data.Further support came from a softening oil price, which retreated after Hurricane Florence was downgraded to a less severe category.The all share gained 0.38% to 56,166.9 points and the top 40 rose 0.35%. The platinum index gained 1.96%, general retailers 1.54% and industrials 0.62%. Property stocks fell 0.48%.Local data was downbeat, with mining production data for July missing expectations, contracting 5.2% year on year, a far cry from the 3% growth expected by a Bloomberg consensus forecast.Commodity prices have suffered of late, as indicated by the Economist base metals index, which is down about 16% since January, said Investec economist Lara Hode...
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