Daily Dispatch

Risk-off trade hits all-share

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THE JSE all-share closed lower yest its first day of losses in seven‚ as global risk-off trade caught up with nervous equity markets.

The all-share was in weaker territory for most of the day‚ closing 1.05% lower at 53 261.60 points; the blue-chip top-40 lost 1.20%. Resources dropped 1.46%‚ banks 1.07%‚ industrial­s 1.03%‚ gold 1.02%‚ and food and drug retailers 0.93%.

The rand showed little movement on a weaker dollar‚ which lost 0.80% to $1.15/ on the day. The rand was little changed in early evening trade‚ at R12.93/$‚ from R12.94/$.

The rand gained against the pound after UK inflation dropped unexpected­ly. Annual price growth slowed to 2.6% in June‚ below the expected 2.9%‚ which raised some doubt over the prospect of future interest-rate increases‚ reported Dow Jones Newswires. — DDC

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