MARKET WRAP: JSE closes in the red as US growth surprises to the upside again
All share records fifth consecutive week of losses, with Naspers now down more than 25% this year
The JSE all share closed weaker on Friday as global risk-off sentiment continued to affect markets negatively, while US growth again exceeded expectations. In broad-based losses, the all share closed 1.53% lower at 50,837.60 points and the top 40 shed 1.68%, with Naspers hitting levels last seen in May 2017. Sasol dropped 2.84% to R475, despite Brent crude rising marginally to $76.8 a barrel. Naspers closed 3.27% lower at R2,559 and is now down 25.8% in 2018. The all share ended the week 2.41% lower, extending October’s losses to 8.74%. It is down 14.57% in 2018. US GDP growth for the third quarter came in at 3.5%, lower than the previous quarter’s 4.2% but higher than the predicted 3.3%. The data indicates that the US economy is still performing strongly despite some disappointing housing data released recently. The Dow was 1.7% lower at the JSE’s close amid concern that growth has peaked in the US with third-quarter earnings indicating softer numbers ahead. Local sentiment was neg...
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