MARKET WRAP: JSE ends week as it started — in the red
Banking and retail stocks lose out in risk-off trade with Naspers also pulling the market down
The JSE all share closed weaker on Friday as risk-off sentiment hit banks and financials hard with gold shares the only positive performers in what was a dismal week for the market. The all share ended the shortened week 2.55% lower, closing in the red every day of the week as the US Federal Reserve’s hawkish tone set the scene for more rate hikes there. This is likely to support the dollar further, as emerging-market currencies remain under pressure amid strong US GDP growth, which remained unchanged in the third estimate at a quarterly 4.2%. The American economy is in great shape, FxPro analysts said. “One can tell it by the labour market, the level of consumer confidence, and indicators of business activity.” The Dow was marginally higher at the JSE’s close, with European markets struggling to make headway despite strong data from the German labour market, and as Italy revised its fiscal deficit targets for the next three years markedly up. The JSE all share closed 0.5% lower at...
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