FANews
FANews
RELATED CATEGORIES
Category Economy
SUB CATEGORIES Budget 2017 |  Budget 2018 |  Budget 2019 |  Budget 2020 |  Budget 2021 |  Budget 2022 |  Budget 2023 |  Budget 2024 |  General | 

A bumpy ride for local markets last week

06 March 2006 Angelo Coppola

The Nedbank Group Economic Unit reports that last week the rand ended a volatile week at four-week lows against the dollar pressured by concern over a potential sale of a 20% stake in Gold Fields by Polyus, Russias top gold producer.

The JSE all share index ended the week 1% lower at 19299,6 compared with the previous weeks close of 19486,1, dragged down by weaker world markets. Industrials and financials lost 1,1% and 2% respectively to close at 16668,9 and 18950,4.

Gdp growth slowed down to 4,5%y-o-y (up3,3%q-o-q seasonally adjusted annualised) in the final quarter of last year from 4,9%y-o-y (up 4,2%q-o-q) in the third quarter, falling short of consensus market expectations of a seasonally adjusted annualised growth rate of 4% over the quarter.

As a result, the economy expanded by 4,9% in the 2005 as a whole, just below the key 5% level expected by government in the National Budget estimates and by most market analysts.

In the fourth quarter a relatively sharp contraction in mining output and a moderate decline in manufacturing production contained growth in real gdp.

The disappointing performance of the mining and manufacturing sectors, which together account for 22,7% of gdp, partly countered the impact of exceptionally strong growth in the broader domestic trade, financial and real estate services, transport and communication as well as construction sectors.

fanews magazine
FAnews April 2024 Get the latest issue of FAnews

This month's headlines

FAIS Ombud lashes broker for multiple compliance blunders
TCF… a regulatory misfit initiative?
The impact of NHI on medical malpractice insurance
Fixed versus variable: can you have your cake and eat it too?
The future world of work
Subscribe now