Our local bourse started the trading session flat on Tuesday but gradually slipped as the day progressed. The selling pressure persisted throughout the afternoon with our market eventually finishing the day down by 0.51% at the close. The biggest loser for the day was the Resource sector, depreciating 2.31% by market close. Leading the downside were Glencore PLC and BHP Billiton PLC, declining by 3.44% and 2.63% respectively. Our Consumer Services sector bucked the trend and finished 0.34% higher, driven largely by Spar Group which closed the day 2.52% stronger.
On the company front, Investec Property Fund announced their 2017 interim financial results. Key highlights include 12.2% dividend per share growth. The Fund's net asset value per share has remained stable since March 2017 at R16.94. The core growth was underpinned by the Fund's defensive South African focused property portfolio, investments into Australia and the UK as well as conservative balance sheet management. Despite a very challenging market the base property portfolio delivered net property income growth of 6.1%. Consolidated Infrastructure Group Limited lost 57% of its share value after the company announced that they expect earnings to drop by more than 55%.
On the Economic front, Core Inflation Rate in the United Kingdom increased 2.70% in October of 2017 over the same month in the previous year. Inflation rate in the United Kingdom remained at 3% in October of 2017, slightly below market expectations of 3.1%. The Gross Domestic Product in the Euro Area expanded 2.50% year-on-year in the third quarter of 2017, above 2.3% in the previous period and in line with the previous estimate. Industrial production in the Euro Area increased by 3.3% year-on-year in September of 2017, beating market expectations of 3.2% but slowing from an upwardly revised 3.9% gain in August. Producer prices for final demand in the United States increased 2.8% year-on-year in October of 2017, above 2.6% in September and market expectations of 2.4%. Redbook Index in the United States increased by 2.30% in the week ending November 11 of 2017 over the same week in the previous year. Total value traded for the day was R17.63bn.
What do you think of the new site?