JSE tracks lower global eq­uity mar­kets af­ter data re­leases

The Herald (South Africa) - - BUSINESS - Karl Ger­net­zky

THE JSE closed lower yes­ter­day fol­low­ing a spate of data re­leases that weighed on the bourse and in­ter­na­tional mar­kets.

The ses­sion started in­aus­pi­ciously af­ter dis­ap­point­ing data that showed in­dus­trial growth in China slowed last month for a sec­ond suc­ces­sive month‚ in­di­cat­ing the world’s sec­ond­largest econ­omy may be los­ing mo­men­tum in the third quar­ter.

South Africa’s cur­rent ac­count deficit in­creased to 2.4% of GDP, from 2% in the first quar­ter‚ well above ex­pec­ta­tions of 1.7% to 1.9%. Ex­port growth out­paced im­port growth‚ and this was ex­pected to per­sist as the global econ­omy re­cov­ered‚ while do­mes­tic con­sumer and busi­ness con­fi­dence re­mained de­pressed‚ In­vestec econ­o­mist Kamilla Ka­plan said.

Fur­ther sig­nals that mone­tary pol­icy may be tight­ened came af­ter the Bank of Eng­land opted not to raise in­ter­est rates.

The JSE all-share fell 0.54% to 55 850.3 points and the Top 40 0.54%.

The plat­inum in­dex dropped 3.32%‚ re­sources 1.17%‚ banks 0.55% and in­dus­tri­als 0.42%.

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