The JSE was somewhat lower on Wednesday, the same day that Finance Minister Pravin Gordhan delivered his budget for the 2017-18 fiscal year. The speech, however, appeared to have little effect on the market, which was lower as a result of a slightly firmer dollar and a drop in commodity prices. The only part of the presentation that may have had a minor consequence was an increase in withholding tax on foreign dividends, to 20% from 15% previously. The JSE all share closed 0.95% lower with the blue-chip top 40 down 1.06%. Resources were hardest hit losing 2.72%, followed by gold miners, which relinquished 2.28%. All the major indices were lower with food and drug retailers down 1.08%, general retailers 1.01%, platinums 0.94%, financials 0.69% and banks 0.62%. This was in contrast to international markets which were, for the most part, higher. The Dow Jones industrial average was marginally higher at 6.25pm (CAT), while London’s FTSE 100 was up 0.38% and Germany’s Dax 0.23%. The gold...
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