MARKET WRAP: JSE weaker as markets await direction on US policies
The JSE slid to a weaker close after a day of dull trade. Bonds and futures were also weaker and the rand-dollar exchange rate was little changed
The JSE closed lower in dull trade on Tuesday for the third session running ahead of US President Donald Trump’s congressional address. Investors were keen to learn more about Trump’s economic-stimulus programme, which could pave the way for higher interest rates. Higher rates enhance investor appetite for holding interest-paying instruments in dollars. "Overall, markets were dull and listless," said Standard Bank trader Warrick Butler. The rand failed to provide direction for the local equity market and was largely unchanged at about R13/$ in late afternoon trade. At 5.40pm the local currency was at R13.0498 to the greenback from R13.0102 on Monday. Banks and financials were lower after opening positively. Gold shares were sharply down. The all share closed 0.68% lower at 51,146.10 and the blue-chip top 40 dropped 0.75%. The gold index shed 3.26% and food and drug retailers dropped 1.42%. Property was down 1.03%. Resources closed 0.94% lower and banks dropped 0.81%. Commodities wer...
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