JSE tracks lower global equity markets after data releases
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%.