The JSE opened flat in cautious trade on Wednesday ahead of the budget speech later in the day, with banks recovering and resources and property stocks losing ground. Banks were sharply weaker earlier in the week, but turned around in early morning trade amid reports the Competition Commission would be flexible on fees regarding the collusion and price fixing charges against 18 local and international banks. Business Day reported the fine of R69.5m imposed on Citibank represented 4% of turnover, and not the 10% of annual turnover previously stated. However, the commission warned it would go for maximum penalties if banks did not come forward early to co-operate. The JSE showed little reaction to renewed record closes on Wall Street, with the Dow firming 0.58% to 20,743 points on Tuesday on broad gains in most sectors. Asian markets were mixed on Wednesday morning, with the Nikkei flat and the Hang Seng gaining 0.96%. The Dow closed higher as retailer Walmart exceeded expectations, w...
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