MARKET WRAP: JSE slips in broad-based losses as Fed turns hawkish
US Federal Reserve minutes released on Wednesday have dulled investor interest in equities, with local industrials faring the worst
The JSE fell on Thursday, bringing its cumulative losses for the week so far to 2.5% as risk-off trade on global markets continues. Indications the US Federal Reserve will continue with interest rate increases, or even increase their pace in 2019, dulled market appetite. Local banks and general retailers fared the worst, while market heavyweight Naspers continued to push lower, falling 1.17% to R2,724.94. The all share fell 0.49% to 52,132.6 points and the top 40 lost 0.49%. General retailers were 1.47% down and industrials fell 0.81%. Gold miners gained 0.71%. Local data was downbeat, with mining production falling 9.1% year on year in August, worse than the Trading Economics consensus forecast of a 4.4% drop. This represents the worst month for the sector for more than two years. Although disappointing, recent manufacturing and retail data was more positive, indicating that SA escaped recession in the third quarter, said Capital Economics senior emerging market economist John Ashb...
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