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MARKET WRAP: Rand hedges support JSE after shock GDP report

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The rand slipped as much as 2% after SA’s first-quarter GDP numbers came in much worse than expected, with rand hedges and miners faring well

Miners and other companies with predominantly offshore earnings helped the JSE close higher on Tuesday, as the rand weakened in the wake of data showing the economy contracted in the first quarter the most since the worst of the financial crisis a decade ago.GDP contracted 3.2% in the first quarter from the last three months of 2018, twice the rate expected in the Bloomberg consensus, underscoring the fragility of SA’s expected economic recovery.

The all share gained 0.38% to 56,500 points and the top 40 0.48%. Gold miners added 3.6% and the resources index 2.19%. Banks slumped 3.83% and financials 2.11%. Global markets were mixed on Tuesday, with those in Asia closing lower, while US and European markets pushed higher.

 

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