MARKET WRAP: Flood of disappointing results keeps JSE underwater
The JSE edged lower as Massmart fells 6% and Blue Label Telecoms 25%, although AB InBev surged 5% and local economic data on the day was positive
A series of disappointing earnings reports put the JSE under pressure on Thursday, with the local bourse suffering broad-based losses. The global tone was risk off. Earlier the Chinese manufacturing purchasing managers index (PMI) for January fell to a three-year low, while investors were also digesting comments by US officials that a trade deal with China in coming weeks was not assured. Sentiment was also given a boost as US GDP data for the fourth quarter of 2018 came in better than expected, at 2.6% year on year, compared to market expectations of growth of 2.4%. This helped send the rand back above the R14/$ as the JSE closed. The all share lost 0.53% to 56,002.1 points and the top 40 fell 0.58%. General retailers fell 1.62%, the resources index 1.59% and food and drug retailers 1.33%. Gold was down 0.17% to $1,317.25/oz while platinum was up 0.2% to $870.96. Brent crude was flat at $66.26 a barrel. There was some good local economic news, with producer inflation, as measured b...
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