MARKET WRAP: JSE drops to four-month low in broad-based losses

Nedbank fell 3.51% to R248.63, Absa 2.98% to R161.24, Standard Bank 2.44% to R190.98, and FirstRand 2.18% to R64.21. Miners did not fared well, falling 0.51% on the back of a stronger dollar supported by better-than-expected US manufacturing purchasing managers index and jobless claims figures. A sharp dip in the oil price also weighed on diversified miners.Naspers fell 2.4% to R3,126.00 as the Hong Kong listed Tencent fell 3.83% earlier.

Massmart fell 13.14% to R67.75 after the retailer said headline earnings and headline earnings per share may be about 50% lower in the six months to end-June compared to the same period in 2018. The rand weakened 0.67% to R14.4717/$ after the Reserve Bank said the interest rate will remain unchanged at 6.75% and that a 25 basis point cut in the repo rate by the end of the first quarter of 2020 has been penciled in. The local currency weakened 0.71% to R16.1435/€ and 0.8% to R18.3464/£. The euro was flat at $1.1155 as Europe heads to the polls for the bloc’s parliamentary elections.

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