MARKET WRAP: JSE closes lower with market now cheapest in eight years
The all share hits another low for the year as Naspers retreats and banks and financials fail to gain on stronger a rand
The JSE started the week on a negative note as Naspers, together with banks and retailers, led the losers to yet another low for 2018. The rand firmed to a best intraday level of R14.3546 to the dollar, before losing ground again in choppy trade in a weaker dollar environment on soft US economic data. US retail sales in September added to market jitters, rising only a monthly 0.1% from an expected 0.6%, pointing to the possibility that US GDP growth might have peaked. US Federal Reserve watchers will eagerly await the publication of the federal open market committee's minutes from its September policy meeting on Wednesday. Committee members will have discussed recent strong economic performance and may shed further light on their interest rate and Fed balance sheet projections for 2019, Dow Jones Newswires said.
"Underlying risks in the markets remain plentiful, from Sino-US trade to Brexit, Italy’s budget spat and now German political concerns following state elections in Bav...
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