The JSE failed to carry over the momentum from Friday’s session generated by a favourable US CPI report, which investors hoped would signal a slowing down of the US Federal Reserve’s aggressive policy tightening.
Global markets are mixed on Monday, taking a breather following rallies at the backend of last week.
The S&P 500 is trading marginally lower after it had its best week since June, reports CNBC.
The local bourse lost 0.22% to close the local session with the All Share Index at 72,822 points.
In company news, Vodacom (-6.23%) reported a 9% drop in half-yearly profit to R8.1 billion compared to R8.9 billion last year. Despite a drop in profit, the mobile operator reported an increase in revenue for the period between April and September.
Vodacom’s operating profit also declined 5.6% to R14.1 billion from R13.3 billion.
The mobile operator said it had spent R5.8 billion during the half-year to combat the effects of load shedding, which included batteries as it sought to insulate itself from power cuts and ensure a more resilient network for customers.
Retailer Shoprite (7.78%), reported a jump in sales growth and a large increase in prices and attributed the good performance “was due in part to a low base in the same quarter last year, when civil unrest in KwaZulu-Natal closed 231 stores.”
