JSE flat on firmer rand as banks recover ahead of Cabinet meeting briefing
The JSE opened flat on Thursday as the rand strengthened ahead of an expected Cabinet briefing following Wednesday’s Cabinet meeting. No time for the briefing has been provided. The Presidency did confirm it was a scheduled monthly Cabinet meeting on Wednesday, raising the prospect that a Cabinet reshuffle affecting the position of Finance Minister Pravin Gordhan would not be announced on the day. The rand firmed 0.87% to R12.9264 against the dollar in morning trade, supporting a rebound in banks and financials. General retailers and property stocks also firmed, but industrials trended weaker. Subdued private sector credit growth data released in the morning, together with the firmer rand, raised the prospect of lower interest rates later in the year ahead of the Reserve Bank’s interest rate decision later in the day. The Reserve Bank’s monetary policy committee (MPC) is expected to keep rates unchanged. Private sector credit growth decelerated to an annualised 5.26% in February, fr...
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