MARKET WRAP: JSE closes lower in renewed risk-off trade
Upbeat retail sales data fails to lift retailers in steady rand environment amid global concerns about hawkish Fed and hard Brexit
The JSE all share failed to find support from stronger retail sales data on Wednesday as global risk-off trade dominated sentiment, dragging the whole market down. The retail sales data raised the prospects of higher economic growth in 2018, but a steady rand failed to lift banking and financial shares. Market heavyweight Naspers was again on the back foot, extending losses for the year to more than 20% after recovering briefly in choppy trade over the past few days. The market was awaiting the minutes from the US Federal Reserve's federal open market committee (FOMC) amid concerns that the Fed would overplay its hand by hiking rates in a low-inflationary environment, with GDP growth already likely to be at a peak. The euro weakened against the dollar as the likelihood dimmed of a Brexit deal at the EU summit in Brussels. "Over the next few days investors will be keeping a very close eye on the EU summit, which could provide some direction on Brexit. With a deadlock on the Northern ...
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