The JSE slipped on Tuesday, in its third-consecutive session of losses, as global equity markets continued to feel the pinch from geopolitical risk.
Gold extended its gains, reaching a six-year high, benefiting local producers and the rand. Banks and retailers, however, were again under pressure. Shortly after the JSE closed the Dow was flat at 26,727.54 points, but the tech-heavy Nasdaq was down 0.58%. In Europe, the FTSE 100 and CAC 40 were flat, while the DAX 30 was down 0.38%.
Statistics SA’s quarterly employment statistics also beat expectations, growing 0.8% year-on-year in the first quarter, while consensus had been for 0.5% growth. The data indicated, however, that businesses are slashing part-time jobs as well as overtime and bonus payments. Businesses paid 36% less in bonuses and overtime in the first quarter compared to the prior three-month period.
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