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MARKET WRAP: Flood of disappointing results keeps JSE underwater

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The JSE edged lower as Massmart fells 6% and Blue Label Telecoms 25%, although AB InBev surged 5% and local economic data on the day was positive

A series of disappointing earnings reports put the JSE under pressure on Thursday, with the local bourse suffering broad-based losses.

The all share lost 0.53% to 56,002.1 points and the top 40 fell 0.58%. General retailers fell 1.62%, the resources index 1.59% and food and drug retailers 1.33%. Balance of trade figures were a little worse than expected, with SA registering a deficit of R13bn in January, compared to market expectations of a deficit of R12.8bn.

Blue Label Telecoms plunged 25.49% to R4.56, having said earlier that gross profit grew 15% to R1.31bn in the six months to end-November, although it swung into a headline loss per share of 15.02c, compared to headline earnings per share of 166.86c in the prior comparative period.

 

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