MARKET WRAP: JSE closes flat but extends losses to fourth consecutive week
JSE indices are mostly little changed amid a lack of clear direction from global markets and general concerns about geopolitical risk
The JSE closed flat on Friday, but ended the week 2.58% lower, after neither global markets nor the rand gave the local bourse a clear direction. The all share fell 0.08% to 52,093 points and the top 40 lost 0.09%. Financials gained 0.3% and food and drug retailers 0.12%. Gold miners lost 2.21% Chinese economic data for the third quarter earlier in the day disappointed, adding to a generally risk-off mood on global markets as investors eyed developments in Europe. Italy and the EU seem set to clash over the former's budget deficit, an issue that put Italian and German bonds under pressure on Friday. The European Commission said on Thursday that a draft 2019 budget from Italy was in “particularly serious noncompliance” with EU rules, setting the stage for a possible unprecedented rejection of the country's fiscal plan, Reuters reported. Local focus next week is expected to be squarely on the medium-term budget policy statement on Wednesday, which is being viewed as a key test of the ...
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