MARKET WRAP: Poor economic data pushes JSE to six-week low

The JSE closed lower on Wednesday, with poor local and international economic data ultimately weighing on local equities.

Sentiment turned negative later in the day, following the release of downbeat US retail sales data for April. Retail sales fell 0.2% compared to March, while the market had expected 0.2% growth. The all share fell 0.34% to 56,043.2 points and the top 40 lost 0.4%. Banks fell 1.09% and general retailers 1.61%. Gold miners added 1.35% and property 0.38%.

Spar added 0.11% to R198. It said earlier that group turnover for the six months to end-March rose 8.6% compared the prior corresponding year, with the retailer upping its interim dividend 5.2%. Gemgrow was unchanged at R5.55. It reported on Wednesday that total dividends for the six months to end-March edged 1% lower to R178.3m, while finance charges grew 71% to R91.7m and property expenses 23% to R163m.

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