The JSE closed firmer on Tuesday, reversing a four-day losing streak, as the weaker rand boosted resource and platinum stocks, while banks and financials recovered from Monday’s retreat following President Jacob Zuma’s recall of Finance Minister Pravin Gordhan from an international investor roadshow. The recall led to speculation that Gordhan was set to be replaced. Cconcern about his position abated somewhat on Tuesday after he said he "is still the finance minister" following a visit to Luthuli House. "However, the situation remains fluid and potentially explosive," Rand Merchant Bank (RMB) analyst John Cairns said. The rand reached an intra-day worst level of R13.1111 to the dollar before recovering to levels of R12.90 at the JSE’s close. The sharp retraction in the rand boosted mining stocks on the JSE, despite relatively flat commodity prices. Sasol and African Rainbow Minerals were the star performers. Industrials were also up on a strong performance from Naspers after Chinese...
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