On Friday alone the all share index on the JSE lost 835 points, or 1.43percent, while the rand traded on R13.49 to the dollar. That was 40cents, or 2.8percent, weaker than the previous Friday and almost 100c down on the R12.52 a fortnight earlier.
Following in the wake of the negative economic growth data of -2.2percent recorded during the first quarter (quarter-on-quarter), StasSA announced last Wednesday that the country’s retail sales had increase by a mere 0.5percent in April.
On Thursday, data showed that the RMB/BER business confidence index had fallen from 45 points during the fourth quarter of 2017 to 39 points in the first quarter of this year. The index has dropped for 12 quarters in a row.
StatsSA also announced that mining production had decreased by 4.4percent in April compared with the same month last year. This weak economic data, as well as the re-introduction of load shedding by Eskom had a negative effect on bond rates. The R186 had increased by 5 points, or 5.5percent, to 9.02percent over the week.