The JSE failed to capitalise on the improved mood on global markets on Thursday, as poor local economic data once again brought home the precarious nature of SA’s economic recovery. Mining production in September slipped 1.7% on an annualised basis, below the Trading Economics consensus forecast of 0.3% growth. Gold production plummeted 19% during the month. Manufacturing data was also dire, rising a paltry 0.1%, well below market expectations of growth of 1.7%. The data indicated that growth was weak in the third quarter, although SA had likely escaped a recession, said Capital Economics assistant economist Gabriella Dickens. Despite the poor data, miners managed to push higher on a weaker rand, while Naspers slumped 2.86% to R2,796.06. Tencent’s share price closed flat earlier following a volatile session, after it announced it was slashing its marketing budget for games, amid a crackdown by Chinese authorities. The all share fell 1.16% to 54,064.8 points and the top 40 1.36%. Ban...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now