JSE edges a little lower before release of US GDP numbers
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 1.55% to R63.50, having said earlier that although it refined 9% more platinum in the nine months to end-March year on year, it was facing headwinds in 2019 due to upcoming wage negotiations.
Naspers was down 0.34% to R3651.95.
Comair was up 3.37% to R4.60. The labour Court ruled on Thursday that a strike by its ground crew affiliated with the National Union of Metalworkers of SA (Numsa) may not proceed.
Gold was up 0.39% to $1,282.06/oz and platinum 0.46% to $891.16. Brent crude was flat at $74.28 a barrel.
Source: businesslive.co.za
