Cape Town - Equities on the JSE closed weaker after a volatile trading session which saw the ALSI Futures trading within a 402 point range, eventually closing in the red, down 0.18%.
Investors were relatively tentative as they await the outcome of the UK general elections. Locally we had economic data releases for Manufacturing Production and Mining Production. Manufacturing Production year-on-year contracted further than expected, indicating a decline of -4.1% on the back of an estimate of -1.6%, however the month-on-month figure did indicate an increase of 2.3%, whereas the estimates were for a decrease of 0.2%.
Mining Production data year-on-year showed an increase of 1.7% which was less than the forecast of 6.9%. The month-on-month number did however show a decline of -1.6%, on the back of a forecast of it being unchanged. This data further reiterates that our economy is not performing as well as it should be. Weak global commodity prices have dug into the miners’ profits but the weaker rand has helped mitigate bigger losses.