SAA bailout

Market update: Even the 1% positive close on Friday couldn’t save the JSE from a negative September (-1.2% for the month). There was very little company news and on the macro front, Private Sector Credit Extension was released and indicates that the consumer is deleveraging 6.6% y/y and we managed to maintain a Trade Surplus of R6bn (vs the previous month’s R9.3bn. We discuss the SAA bailout which saw NT approve a transfer of R3bn from the National Revenue Fund. Anthea is disappointed by the WEF annual competitiveness report showing that SA fell 14 points to be ranked 61. And in the US, jobless claims climbed by 12k to 272k and US 2nd Quarter GDP growth came in at 3.1%