The JSE closed stronger on Wednesday in choppy trade, despite a recovery in the rand ahead of what is perceived as a crucial Cabinet meeting amid speculation that Finance Minister Pravin Gordhan could be given his marching orders. Analysts attributed the rand’s recovery to anti-Zuma rhetoric at the funeral of struggle stalwart Ahmed Kathrada, where Gordhan, who was called home from an international investor roadshow on Monday by President Jacob Zuma, received a standing ovation. But sentiment remained cautious with markets eyeing the Cabinet meeting as Zuma is expected to announce a Cabinet reshuffle afterwards. Despite the rand’s recovery, resources firmed, but platinum and gold stocks were weaker. 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. Commodity prices were softer for most of the day, providing little guidance to the markets. The all share closed 0.26% higher ...
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