MARKET WRAP: Rand hedges support JSE after shock GDP report

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.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

MARKET WRAP: JSE tracks weaker randThe local currency was by far the worst performing among emerging-market currencies on Tuesday, driven by global and domestic events
Source: BDliveSA - 🏆 12. / 63 Read more »

MARKET WRAP: JSE ends higher, led by banks, as investors digest the new cabinetGlobal equities recovered a little from Wednesday’s sell-off, with banks faring best on the day, with the rand slightly firmer
Source: BDliveSA - 🏆 12. / 63 Read more »

MARKET WRAP: JSE ends higher, led by banks, as investors digest the new cabinetGlobal equities recovered a little from Wednesday’s sell-off, with banks faring best on the day, with the rand slightly firmer
Source: TimesLIVE - 🏆 28. / 59 Read more »

MARKET WRAP: JSE has its worst month since October 2018The US-China trade war continues to weigh on sentiment, as investors worry about the long-term effect the conflict will have on the global economy
Source: BDliveSA - 🏆 12. / 63 Read more »

MARKET WRAP: JSE higher in broad-based gains, with gold miners faring bestThe protracted US-China trade war continues to batter global markets, and is fuelling fears of a global recession
Source: BDliveSA - 🏆 12. / 63 Read more »