MARKET WRAP: JSE slips 1% despite rand support
A stronger rand helps ensure banks and retailers are higher, while Naspers tracks losses by Tencent
The JSE weakened on Thursday, with a firmer rand weighing on miners, while banks and retailers managed a relatively strong performance. The rand was firmer despite a weaker euro, with the common currency under pressure as Italian politicians battle to put a budget together. The dollar found support, putting pressure on local miners. A 3% fall by Naspers ensured the local bourse closed lower. The all share fell 1.03% to 55,988.6 points and the top 40 1.11%. General retailers gained 1.46%, food and drug retailers 1.01%, and banks 0.7%. Gold miners slumped 4.71% and industrials 1.49% Local data on the day was downbeat, with producer inflation printing higher than expected, at 6.3% year-on-year in August. The economic consensus was for inflation to have moderated slightly to 5.9% from 6.1% in July, with this news coming ahead of the announcement of what could be a fuel-price increase of R1 a litre next week. This comes as the Reserve Bank’s tone has turned hawkish. While second-round in...
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