The JSE closed flat on Thursday as a stronger performance from miners was offset by a sharp pull-back in market heavyweight Naspers. Naspers’s 34% investment in China’s Tencent was weaker in Hong Kong trade, causing its JSE shares to lose ground; Rand strength also had an effect. Rand hedges, with the exception of Richemont, were weaker as the rand rose, but this boosted banks, retailers and property stocks. Miners were in demand as the dollar weakened on disappointment at incoming US president Donald Trump’s failure to spell out his economic policies. Local stocks were also supported by manufacturing production data which rose an annualised 1.9% in November from October’s 2.7% drop versus market expectations of a 0.9% decline. Nedbank economist Nicky Weimar said this reduced the chances of further Reserve Bank tightening in early 2017 with interest rates likely to peak at present levels. "We expect the monetary policy committee to start easing (interest rates) in the second half of...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.