The JSE opened weaker on Thursday on lower commodity prices and a stronger rand as the market mulled the higher tax burden announced in Finance Minister Pravin Gordhan’s budget speech. Retailers were higher on upbeat results from Massmart but banks trended softer on uninspiring results from Barclays Africa (Absa). Gold shares retreated on the stronger rand. Higher taxes announced by Gordhan were likely to affect the earnings of JSE-listed companies, specifically those focused on consumer goods as higher taxes reduce the disposable income of consumers, analysts said. The Dow closed 0.16% up at 20,775.60 points on Wednesday, the ninth consecutive gain. Asian markets were softer, with the Nikkei 225 losing 0.04% and the Hang Seng down 0.34%. At 9.41m the all share was 0.58% lower at 51,788.10 points and the blue-chip top 40 shed 0.59%. The gold index was down 4.09%, platinums 3.33%, industrials 0.61% and banks 0.59%. Food and drug retailers rose 1.46%. Analysts said individuals were se...
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