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Market Update: South African Stocks End at Over 1-Week Low
The FTSE/JSE All Share Index closed 0.45 lower at 67,575 on Monday, its lowest level since May 28th, led by losses in heavyweight tech Naspers and mining giant Anglo American following the spin-off of its coal mining business Thungela Resources. At the same time, investors weighed prospects of a strong economic recovery against expectations of higher inflation and interest rates. On the domestic front, the focus now turns to GDP figures set to be released tomorrow with the annualised growth expected to have slowed in the first quarter of 2021 as lockdown restrictions and power supply challenges continued to plague activity. Traders will also closely watch local mining, manufacturing and current account data, while also awaiting US inflation data later in the week. [/s2If]
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