MARKET WRAP: JSE weakens on eve of Trump’s address to Congress
As the rand strengthened the JSE weakened amid worries about President Donald Trump’s ability to deliver on economic-growth promises. Futures and bonds softened
The JSE closed weaker on Monday after a subdued trading session. Investors were worrying on the eve of US President Donald Trump’s congressional address on Tuesday about whether he can deliver on his promises for tax reform and economic growth. Early morning resources gains fizzled out on rand strength. The rand broke through R12.90/$ again on positive emerging-market sentiment and dollar weakness and with the platinum price rising more than 1%. The rand was bid at R12.9285 to the dollar in late trade from the previous close of R12.9174. The all share closed 0.22% lower at 51,497.20 and the blue-chip top 40 eased 0.26%. The gold index shed 2.85% and platinums 1.15%. Financials weakened 0.66%, property 0.38%, banks 0.33% and food and drug retailers 0.2%. Resources ended the day flat (-0.03%). Local equities have received little support from the budget last week, but the rand and bonds have benefited. There is growing optimism that SA may escape a downgrade this year. Old Mutual chief...
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