JSE weakens in risk-off trade
Growth concerns have prompted caution on global markets, but the local exchange is still set to push higher for the week
The JSE edged lower on Thursday morning, but was on track for its sixth-consecutive week of gains, amid subdued activity on global markets. Equity markets had failed to push higher on Wednesday despite better-than-expected Chinese GDP data, with analysts citing general concern over a slowing global economy. Investors were in wait-and-see mode, likely concerned about mistaking recent economic data as a sign of an economic upturn, when in fact growth may be slowing at a moderate pace, said SPI Asset Management analyst Stephen Innes. Asian and European markets were lower in morning trade, with international focus on US retail sales numbers, due at 2.30pm SA time. At 10am the all share was down 0.31% to 58,728.5 points while the top 40 had lost 0.37%. Platinums fell 0.74% and banks 0.35%. General retailers were up 0.25%. Gold was flat at $1,274.87/oz while platinum had fallen 0.5% to $885.09. Brent crude was 0.43% lower at $71.27 a barrel. EOH gave back 2.63% to R22.20. The company’s sh...
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.