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Local market withers in reaction to Moody’s statement

While global players on the JSE managed to keep their heads high, consumer stocks and banks were under significant pressure.

The All Share index ended the day in the red, down 0.1% at 57,663 index points. Financials seemed to be the main drag. After maintaining below R14 against the US dollar for some time, the rand has given up on those gains. This may have something to do with Moody’s coming out with a statement on Thursday morning stating that the latest Treasury bailout of R59 billion for Eskom over the next two years was perceived as credit negative. 

On the international front, all eyes were on teh European Central Bank’s monetary policy decision, but it seems they did not ease rates this time around, but raised the possibility of easing in in the coming months. Nompu Siziba discusses these influences and how they impacted the local and international markets with David Shapiro,  the deputy chairman at Sasfin Wealth. 

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