The JSE reversed earlier gains in the
afternoon session as it slumped to close weaker on Thursday.

The local bourse had managed to open firmer
following a rally in Asian stocks in earlier trading.

However, the turn was brought about by a
flurry of weak readings across a range of economic data starting with a lower
GDP number for Europe, and a higher than expected unemployment claims number
out of the USA.

This data showed how rapidly growth is
deteriorating across some of the world’s largest economies as a result of the
pandemic.

The rand weakened along with other emerging
market currencies as investors fled to safe-haven currencies.

The local unit was trading 1.34% weaker at
R18.37/$ at 17:00. This was after it had tried to breach R18/$ after peaking at
a session high of R18.01/$.

On the JSE, Tsogo Sun Gaming [JSE:TSG] was
one of the day’s biggest losers after the stock plummeted 13% to close at
R2.61.

The weaker rand saw weakness being recorded
for most retailers as declines were recorded for Massmart Holdings [JSE:MSM]
which lost 6.16% to close at R24.68, The Foschini Group [JSE:TFG] which fell
5.51% to close at R73.02, and Woolworths [JSE:WHL] which closed at R30.49 after
dropping 4.09%.

Diversified mining giant, Anglo American
PLC [JSE:AGL] tumbled 5.11% to end the day at R329.10, while commodity trader,
Glencore [JSE:GLN] lost 3.07% to close at R34.15.

Platinum miner, Northam Platinum [JSE:NHM]
lost 5.04% to close at R92.45, while Anglo American Platinum [JSE:AMS] shed a
modest 0.56% to end the day at R976.53.

Significant declines were also recorded for
Capitec Bank Holdings [JSE:CPI] which lost 6.72% to close at R902.00, as well
as Bidvest Group [JSE:BVT] which closed 2.31% lower at R150.55.

A couple of listed property stocks recorded
some of the day’s biggest percentage point gains.

EPP NV [JSE:EPP] surged 12.66% to close at
R5.25, Hyprop Investments [JSE:HYP] climbed 11.76% to close at R19.00, and
Emira Property Fund [JSE:EMI] gained 7.83% to close at R6.47.

Financials recorded decent gains on the day
with gains being recorded for Absa Group [JSE:ABG] which added 5.44% to close
at R91.30, and for Standard Bank [JSE:SBK] which advanced 1.04% to close at
R102.13.

Sappi [JSE:SAP] added 5.14% as it closed at
R22.50, while Aspen Pharmacare [JSE:APN] closed at R115.64 after adding 4.35%.

The JSE Top-40 index eventually closed
1.03% while the JSE All-Share index fell 1.02%.

The Financials index eked gains of 0.3%,
however the Resources and Industrials indices retreated 2.06% and 0.86%
respectively.

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