MARKET WRAP: JSE edges lower on miners and Naspers
Banks benefit a little from a stabilising rand after Monday's sell-off, but caution prevails in the market due to ongoing risk events
A pause in the dollar's rally failed to lift the JSE on Tuesday, with miners under pressure and a continued fall by Naspers offsetting gains by local banks. The all share fell 0.29% to 52,109.8 points and the top 40 lost 0.21%. Platinum miners gave up 2.57% and industrials 0.53%. Banks rose 1.78% and food and drug retailers 0.71%. Global markets were generally higher despite a sharp sell off in tech stocks on Monday, with global attention on Brexit negotiations and possible conflict within the eurozone over the Italian budget deficit. Banks and retailers were given some support by a continued fall in the oil price, this time after US President Donald Trump once again took to twitter saying he thought oil prices should be lower, given current output. There were few major data releases to give local or international markets direction on Tuesday, although Wednesday sees a raft of data, including US inflation numbers for October. Some risk-on sentiment had also crept back into the marke...
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