JSE gives up morning gains ahead of May 8 elections

The JSE reversed its morning gains on Tuesday afternoon despite an improvement in SA’s business confidence in April.

However, the all-share index, which was up in morning trade, fell 0.41% to 58,470.6 points by 1.35pm with general retailers leading the losses, falling 1.67%. The top 40 was down by 0.43%. MTN rose 0.24% to R103.91 after a court ruling that the telecoms giant had met a deadline to respond to a $2bn tax demand from Nigeria’s attorney-general, Reuters reported. Separately, Reuters reported that MTN Nigeria has registered to list 20.4-billion ordinary shares at 0.02 naira each with the country’s securities regulator.

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