MARKET WRAP: JSE drops as telecoms stocks take a knock

The JSE closed lower on Monday, tracking European markets, while locally telecoms stocks fell after the Competition Commission said mobile operators could be prosecuted if they kept overcharging for data.data-services market inquiry said in its report issued on Monday that MTN and Vodacom’s data prices do not cater for poor South Africans.

Other listed telecoms companies were not spared. Telkom fell 4.18% to R44.93 and Cell C investor Blue Label 6.48% to R3.03. “Not many economists expect this data to signal the start of a V-shaped recovery. The idea for now is that the economic performance needs to level out before it has any chance to recover meaningfully in 2020,” Lawler said.

Shortly after the JSE closed, the Dow was down 0.58% to 27,889.94 points. In Europe, the FTSE 100 had lost 0.52%, France’s CAC 40 1.36% and Germany’s DAX 1.43%. The JSE all share fell 0.97% to 54,814.1 points and the top 40 0.99%. Industrials were down 1.88% and banks 1.08%.

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