MARKET WRAP: JSE suffers worst week in two months
Volumes were thinned by Thanksgiving in the US, but the week was busy in terms of political, economic and corporate news
The JSE recorded broad-based losses on Friday, capping its worst week since September. The week saw an interest-rate increase as well as a small cabinet reshuffle, but a firmer rand and falling oil price helped provide some support for banks and retailers. The all share fell 0.96% to 50,697.7 points and the top 40 lost 1.02%. Resources fell 2.54%, while food and drug retailers added 0.5%. The all share fell 2.68% in the week. Earlier, Brent crude slumped about 5% to below $60 a barrel amid increasing concern about slowing economic growth. The oil market was jittery after US inventories hit their highest level in 11 months, fuelling concern about a global crude glut amid a worsening economic outlook, London Capital Group analyst Jasper Lawler said. “The fact that oil traders shrugged off expectations that Opec will start withholding supply in 2019 to rein in the glut reflects just how concerned oil traders are over the future outlook”. Global trade was a little muted by Thanksgiving ...
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