JSE closes weaker as platinums shine and property stocks retreat
JSE closes weaker as platinums shine and property stocks retreat
The JSE closed weaker on Friday in thin trade as property stocks led the decliners, with banks and financials also weaker following Thursday’s strong performance. Property stocks have had a good run since the beginning of the year, gaining more than 4% before Friday’s weakness. Some profit-taking was to be expected in the sector. Overall volumes on the JSE returned to normal with the value of trades amounting to R21.4bn at the close from Thursday’s R42bn, which coincided with the quarterly futures close-out for March. Trade was subdued for most of the day ahead of Human Rights Day on Tuesday, with many traders taking Monday off. The market was digesting Wednesday’s rate hike by the US Federal Reserve, with global equities surging on the less hawkish outlook evident from the Fed’s statement. This resulted in the all share closing sharply higher on Thursday and the rand gain 3% against the dollar. The Fed was no longer the driver of emerging-market monetary policy that it once was, Ca...
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