MARKET WRAP: JSE closes lower, snapping three-week winning streak
Naspers and food and drug retailers did badly this week, although losses were pared after a very good US jobs report
The JSE ended the day and the week lower, with a weaker rand giving the market much of its direction on Friday. The rand had lost 0.91% to R13.3789/$ as the JSE closed, reacting to much better than expected US jobs numbers. US employers added 304,000 jobs in January, well ahead of market expectations of 174,000. The data also showed a record 100th consecutive month of wage growth in the world's largest economy, reported Dow Jones Newswires. The all share fell 0.42% to 53,930.1 points and the top 40 lost 0.54%. Industrials gave up 0.96%, banks 0.77% and property stocks 0.42%. Gold miners added 1.84%. The all share ended the week 0.22% lower, but is up 2.26% so far in 2019. Global equity markets surged in January, but signs of slowing global growth continue to concern many investors. On Friday, markets were digesting yet another disappointing data release from China, where unofficial manufacturing production data undershot expectations in January, falling to a three-year low. A UK pur...
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