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

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Locally, credit ratings agency Moody’s Investors Service said that Eskom’s R59bn bailout is credit-negative for SA

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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