MARKET WRAP: Rebounding rand lifts JSE, helped along by Brexit woes
The oil price also climbed a little, settling after a 12-day losing streak, but motorists are still expecting a petrol price cut of about R1.50 a litre in December
The JSE pushed higher on Thursday, as Brexit turmoil put pressure on markets in Europe, even as investor sentiment towards emerging markets was lifted somewhat. The all share closed 0.28% higher at 52,146 points and the top 40 up 0.27%. General retailers added 1.24%, food and drug retailers 1.16%, industrials 0.64% and gold miners 2.58%. Politics took the reins on Thursday, with market focus on the UK, as uncertainty emerged over UK Prime Minister Theresa May's ability to push through a Brexit deal, following the resignation of two cabinet ministers. This prompted a 2% slide by the pound, putting pressure on local stocks that have a significant presence in the UK. Hammerson fell 6.01% to R76.95 and Intu Properties 5.83% to R33.91. Economic data took a backseat to politics, but US retail sales data surprised to the upside, growing 0.8% month on month in October, compared to a consensus forecast of a rise of 0.5%. The oil price also climbed a little, settling after a 12-day losing str...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.