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JSE softens 2 percent following rate cut

Xinhua,March 29, 2018 Adjust font size:

JOHANNESBURG, March 28 (Xinhua) -- The Johannesburg Stock Exchange (JSE) fell sharply on Wednesday, following repurchase rate cut and weaker South Africa's rand.

The all share was down 2.3 percent to 54,763.97 points at the close, its weakest level since July 2017. Banks dropped 2.91 percent, industrials 2.73 percent, financials 2.44 percent and general retailers 2.11 percent. The gold index added 1.18 percent and resources 0.33 percent.

South African Reserve Bank (SARB) Governor Lesetja Kganyago said on Wednesday that the repurchase rate would be cut by 25 basis points to 6.5 percent, effective from March 29. Enditem

 

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