The JSE closed stronger on Wednesday in choppy trade as resources firmed, despite a recovery in the rand which resulted in weaker platinum and gold stocks on a stronger dollar. Banks and financials remained under pressure, but property and retail stocks came back from the day’s weakest levels on positive sentiment from European markets. Markets were eyeing today’s Cabinet meeting, with President Jacob Zuma expected to announce a reshuffle afterwards. Analysts attributed the rand’s recovery to anti-Zuma rhetoric at the funeral of struggle stalwart Ahmed Kathrada, at which Finance Minister Pravin Gordhan received a standing ovation. However, sentiment remained cautious ahead of the Cabinet meeting. Zuma recalled Gordhan from an international investor road-show on Monday, sparking speculation he may be fired, but that the president would be forced to give some ground to critics by appointing a comparatively market-friendly replacement. "We ascribe a 50% probability to this deal and it ...
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