JSE slips in broad-based losses as caution prevails
Investors have had a mixed reaction to series of local corporate results, while global focus is on the ECB policy announcement later on Thursday
The JSE was lower almost across the board on Thursday morning, with only property stocks showing signs of life. Global activity was cautious, with all eyes on the European Central Bank's (EBC's) policy announcement at 3.30pm South African time. Weak eurozone economic data has prompted speculation that the ECB will announce stimulus measures, which would be likely to slow the pace of its monetary policy tightening. Local focus was on corporate results, notably from MTN and Standard Bank. At 10am MTN had jumped 7.55% to R81.80. It said earlier that headline earnings per share (HEPS) for the year to end-December increased to 337c from 182c in 2017. The network operator has suffered setbacks in a number of its major markets, including Nigeria and Iran, and remains 8% down so far in 2019. Standard Bank fell 1.34% to R185.67. It said earlier HEPS rose 7% to R17.48 in the year to end-December, with the group raising its dividend by the same amount, to R9.70. Sanlam was down 1.85% to R75.89...
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.