JSE eases as rand hedges retreat after May speech and resources weaken
The JSE closed lower on Tuesday as rand hedges retreated on the stronger rand after British Prime Minister Theresa May said both houses of parliament would have the final say on Brexit. The pound rose nearly 3% against the dollar but the FTSE was weaker after she said her government wanted a clean break with the EU but would aim for the "greatest possible" access to Europe’s single market and "reach beyond the borders of Europe". DeVere Group CEO Nigel Green said May’s Brexit speech and the release of strong UK inflation data should "prompt investors to reduce exposure to UK assets". JSE resources were weaker on disappointing local mining data, despite firmer spot prices. The decline in annual mining production growth worsened to 4,2% in November from October’s 2,6%. Gold stocks benefited from the gold price gaining 1.14% to $1,215 an ounce by the JSE’s close in safe-haven trade ahead of Donald Trump’s inauguration on Friday. Retailers were under pressure after a disappointing tradi...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.