JSE closes softer as financials struggle
The JSE retreated to close softer on Wednesday as it was dragged down mainly by blue-chips on the financials index.
Financials on the local bourse weakened as the rand had another volatile trading session. The rand fell to a session low of R14.15/$ before it recovered to trade 0.1% firmer at R14.08/$ at 17:00. There was some positive economic data for South Africa as Standard Bank released its PMI reading for June which came in at 49.7 from a prior recording of 49.3. The US dollar traded relatively flat on the day even after disappointments from US ISM Non-Manufacturing PMI data and ADP jobs data.
Local stocks took a leaf from Asian markets which fell in Wednesday’s trading session which saw the benchmark Shanghai Composite Index drop 1.11%, while in Hong Kong the Hang Seng lost 0.07%. In Japan the Nikkei closed 0.53% weaker.
Read the full story on: News24.