JSE lower in broad-based losses, as global risks take their toll
The JSE tracked global markets and suffered broad-based losses on Friday morning, as risk events once again appeared on the radar.
UK Prime Minister Theresa May is expected to meet EU officials at a summit on Sunday. Negotiators hope to iron out some remaining differences on a draft deal that still needs to be put to the UK parliament, amid stiff opposition.
Locally, the rand was stable at about R13.78 to the dollar after Thursday’s risk events, including a small cabinet reshuffle and a 25 basis point interest rate increase.
The rate hike has dimmed the outlook for retailers, even as they welcome a flood of consumers on Black Friday.
At 9.45am the all share was down 0.69% to 50,831.8 points and the top 40 fell 0.76%. Industrials were down 1.05% while general retailers were flat.
Caution on global markets is coinciding with less liquidity, due to the US Thanksgiving Day holiday on Thursday.
The oil price was also lower, earlier falling to an intraday low of $61.107 a barrel, its weakest so far in 2018. Fears that global growth is slowing, even as US production rises, has put oil under pressure.
Sasol dropped 1.04% to R422.08.
Rand hedge British American Tobacco lost 1.58% to R469.52 while AB InBev was up 1.29% to R1,055.
Naspers fell 2.2% to R2,693.47.
PPC lost 0.16% to R6.33, despite earlier reporting group revenue growth of 8% to R5.6bn in the six months to end-September. Headline earnings per share (HEPS) rose 11% to 21c in the period.
Life Healthcare gained 1.47% to R24.91, having earlier reported revenue growth of 12.9% to R23.5bn in the year to end-September, with HEPS rising 40.6%. The group upped its dividend 11.1% to 50c per share.
Gold felln 0.28% to $1,223.42/oz and platinum 0.71% to $841.
Brent crude was 0.66% lower at $62.11 a barrel.
Source: businesslive.co.za
