JSE closes lower as rand hedges fall on strong local currency
Despite the Dow hitting the 20,000 mark, and European markets being firmer, the all share closed slightly lower and the gold sector dropped sharply
The JSE closed weaker on Wednesday as a promising early morning rally by platinum shares fizzled out and despite a recovery in general retailers towards the close. The rand gained nearly 1% against the dollar, firming to a six-month best intra-day level of $13.22. In early evening trade it was at R13.2677. A strong performance by platinum shares this week could not be sustained as the price of the metal dropped and the rand strengthened. The index firmed 4.9% on Monday and 5.25% on Tuesday. Gold shares also retreated despite a weaker dollar against the euro. Lower oil prices added to the softer sentiment. The gold price was 1.11% lower at $1,195 an ounce at the JSE’s close, while platinum was at $978, down 1.38%. Brent crude had shed 0.67% to $54.85 a barrel. Banking and retail shares attracted support, a day after the Reserve Bank kept interest rates unchanged. The all share closed 0.17% lower at 53,250.80 points and the blue-chip top 40 dropped 0.21%. The gold index shed 4.43%, pl...
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