MARKET WRAP: JSE closes lower as ECB rate decision weighs on European stocks

The JSE closed lower on Thursday, tracking European stocks after the European Central Bank opted to keep its interest rates unchanged.

Earlier, the Shanghai Composite gained 0.48%, Hong Kong’s Hang Seng 0.25%, and Japan’s Nikkei 225 0.22%. Shortly after the JSE closed, the rand had weakened 1.28% to R14.0623/$, 1.42% to R15.6878/€, and 1.29% to R17.5594/£. The euro had strengthened 0.15% to $1.1156. The JSE all share fell 0.1% to 57,662.90 points and the top 40 0.12%. Banks and financials fell 1.56% and 0.95%, respectively.

Alexander Forbes gained 1.08% to R5.64 after the financial services company earlier announced the sale of its short-term insurance business to Momentum Metropolitan Holdings.

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