MARKET WRAP: US Fed’s dovish tone fails to lift JSE
A sharp drop by Naspers, due to a tech sell-off in Asia, meant the local bourse failed to track buoyant global markets
A positive mood on global markets failed to lift the JSE on Thursday, with a fall by retailers and Naspers largely responsible. Global equities were in favour after US Federal Reserve chair Jerome Powell delivered a dovish speech, which put strain on the dollar, but lifted risk assets. The all share fell 0.3% to 51,737.6 points and the top 40 0.21%. Industrials lost 0.8% and general retailers 0.64%. Banks added 1.22%, gold miners 1.53% and property stocks 1.83%. Naspers lost 2.57% to R2,820, ahead of its interim results to end-September on Friday. The group has said it expects headline earnings per share (HEPS) to rise by between 210% and 217% when compared to those of last year. Local data was downbeat, with factory- and farm-gate inflation, as measured by the annual change in the producer price index (PPI), accelerating faster than expected in October due to record-high fuel prices. The PPI for final manufactured goods came in at 6.9% from September's 6.2%. The Bloomberg consensus...
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