Rand’s one-week losing streak weighs on JSE
The JSE all share lost 0.74%, led by food and drug retailers, which fell 2.5%, while the banking index dropped 2.01%.
The local bourse remains up 11.84% so far in 2019, benefiting from a global equity rally in 2019 prompted by a more dovish turn by the US Federal Reserve, as well as easing tensions between Washington and Beijing over trade.
Although concerns remain, some positive economic signs out of China were also weighing on equities, as this could lead to a reduction in stimulus measures from that country’s government, said SPI Asset Management head of trading Stephen Innes.
It was difficult to tell where SA equities fit into the global context, said Sasfin Wealth deputy chair David Shapiro, amid rising US markets and softening confidence elsewhere.
“To try to work out it all out is becoming difficult,” Shapiro said, adding that there had been some peculiar movements on the JSE recently, such as with retail stocks. It seemed that this may be due to very large trades by one or more large investors, he said.
Source: businesslive.co.za