JSE closes firmer on stronger rand as platinums fall and food retailers jump
The JSE closed firmer on Thursday in choppy trade as the market sought direction on Wednesday’s budget, and amid indications of further strength among commodities. Platinum jumped 1.12% to $1,012.3 an ounce in late afternoon trade with gold up 0.84% to $1,247.7. Brent oil was 1.51% higher at $56.97 a barrel. Goldman Sachs announced that it was upgrading its outlook on commodities to "overweight", based on a cyclical uptick in global economic activity driving demand for all commodities. After an eight-year bear market, in which the Bloomberg commodity index fell 70%, miners now appeared poised to bullishly break upwards, analysts at MitonOptimal said. However, the firmer rand kept a lid on mining stocks on the JSE. The local currency firmed 1.22% to an 18-month best level of R12.8170 to the dollar, as the market warmed to the fiscal consolidation stance evident in Finance Minister Pravin Gordhan’s budget on Wednesday. "The slightly lacklustre tone on global markets coupled with the r...
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