JSE flat on weak data

Picture: JSE
Picture: JSE

Disappointing domestic data did not keep the JSE significantly lower on Thursday, with the bourse flat as miners found favour from a rising oil price.

The oil price rose sharply after two oil tankers were attacked near the Persian Gulf, while a series of domestic and international data releases gave markets direction.

A weaker rand also benefited miners a little.

Interest-rate sensitive stocks, including banks and retailers, were under pressure from the weaker rand and rising oil price.

Both of these factors could stoke inflation, while data on the day showed SA economic conditions remained subdued.

The all share was flat at 58,697.6 points while the top 40 was little changed.

General retailers lost 1.98% and food and drug retailers 1.45%. The resources index firmed 1.42%.

Earlier, data showed mining output contracted 1.5% year on year in April, worse than the 0.5% fall expected.

The RMB/BER business confidence index was also subdued, though it met expectations, coming in at 28 index points for the second quarter, unchanged from the first.

The data indicated that business conditions remained unsatisfactory.