MARKET WRAP: JSE ends flat as reporting season gets into full swing
The JSE was flat on Tuesday as retailers benefited from a further rise in the share prices of Steinhoff and Shoprite after the pair announced on Monday they had broken off merger talks. Shoprite issued interim results on Tuesday which were welcomed by the market, further boosting its share price. Banks remained under pressure as the investigation by competition authorities into price-fixing in currency markets continues. The rand weakened in anticipation of what may be included in Finance Minister Pravin Gordhan’s budget speech on Wednesday afternoon. Gordhan is expected to announce fiscal contraction measures, namely more taxes and lower government expenditure, in an attempt to reduce SA’s budget deficit. The Treasury said earlier this week that it expected the shortfall to be 3.1%, and this would decrease slightly over the next two years. The JSE all share closed 0.05% higher at 52,586.60 points and the blue-chip top 40 added 0.11%. Food and drug retailers gained 1.16% while banks...
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