JSE edges a little lower before release of US GDP numbers
All eyes are on the health of the world's largest economy, with local banks and retailers benefiting from a slight rand recovery on Friday morning
The JSE edged lower on Friday morning, with miners under some pressure in what is expected to be a mostly subdued session. US GDP numbers are due at 2.30pm local time, half an hour before the JSE closes. The early close for the local bourse is due to upgrades to its trading and clearance systems. The rand firmed a little overnight, but rangebound trade is expected before the US GDP print, the week's major economic release. At 10am the all share was down 0.22% to 58,678.6 points and the top 40 0.17%. Banks and general retailers were both up 0.87%, while gold miners lost 1.33%. There was some corporate news to give local stocks direction, with Pick n Pay down 2.43% to R69.97, despite reporting turnover growth of 7.1% in the 53 weeks ending March 3. Diversified miner Glencore slumped 3.82% to R57.71, amid reports that US authorities were investigating alleged corrupt practices related to its operations in Venezuela, the Democratic Republic of the Congo and Nigeria. Implats was down 1.5...
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.