MARKET WRAP: Tech sell-off dampens JSE

The JSE struggled for direction on Thursday, before closing weaker after disappointing quarterly earnings in the US from Meta Platforms, Facebook’s parent company, led to a sell-off in local tech companies.

he Bank of England increase its benchmark rate by 25 basis points to 0.5%, while the European Central Bank kept its interest rates unchanged despite data a day earlier showing that euro-area inflation rising to 5.1% in January — the highest on record. “Equity markets were already under a little pressure on the day, as earnings from Meta and Spotify brought investors back down to earth with a bang. Results from Microsoft, Apple and Alphabet had been far more encouraging and it seemed that the worst could be over for big tech. Today’s tech sell-off suggests we’re not out of the woods yet,” Erlam added

Banks added 1.36%, with Standard Bank gaining 2.44%, the most in a month, to R155.52. Financials rose 1.17%.

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