JSE pulled down by growth numbers

THE JSE suffered broad-based losses yesterday, with most stocks hard-pressed after significantly weaker than expected economic growth numbers soured the mood.

Statistics SA data indicated that the domestic economy contracted more in the first three months of the year than forecasts had predicted.

Mining‚ manufacturing and agriculture all disappointed‚ with the agricultural sector falling by almost a quarter.

Banks on the JSE fell 3.4% as a result and general retailers 2.28%‚ although diversified miners were higher.

The JSE small-cap index‚ the constituents of which are largely focused on the domestic economy‚ fell 1.75%.

The JSE all-share ended 0.16% lower at 57 779.1 points with the Top 40 rising 0.02%.

Banks dropped 3.4%‚ general retailers 2.28%‚ financials 1.85%‚ food and drug retailers 1.24%‚ and property 0.83%. Resources rose 1.92% and the gold index 1.85%. Anglo American lifted 2.71% to R317.94. Richemont added 1.93% to R119.10 and Naspers 0.86% to R3 297.

Standard Bank fell 3.91% to R208.15 and Nedbank 3.39% to R274.94.

Among property stocks‚ Delta shed 2.08% to R6.11 after saying it intended cutting its dividend in the financial year.

Steinhoff African Retail fell 4.37% to R16.62 after it emerged that the founders of Tekkie Town would be suing the retailer.

At 5.40pm, gold had added 0.36% to $1 296.62 an ounce while platinum had fallen 0.44% to $896.21. Brent crude was 1.15% lower at $74.49 a barrel. – BusinessLIVE