JSE closes marginally firmer as retailers and platinums hold up their end
The JSE closed only slightly higher on Wednesday despite broad-based gains. Platinums, retailers and property stocks performed best. Analysts said trading was characterised by a lack of conviction before US Federal Reserve chairwoman Janet Yellen’s speech later in the day after the JSE’s close. The market is gearing up for three interest-rate increases in the US this year. Trading was cautious ahead of the European Central Bank meeting on Thursday with no change in its quantitative easing programme expected. Policy uncertainty ahead of president-elect Donald Trump’s inauguration on Friday also caused investors to tread carefully. Retailers rebounded on the day following stronger than expected retail sales data for November, which could be a harbinger of solid festive season sales. Retail sales rose a monthly 3.8% year on year, after declining 0.2% in October. Stanlib economist Kevin Lings described the retail data as "stunning", and much better than market expectations, which was fo...
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