MARKET WRAP: JSE closes weaker as resources and platinums fall before US jobs data
The JSE closed weaker on Thursday on lower resources and platinum stocks, as commodities softened ahead of an expected US interest-rate rise next week.Emerging markets were generally weaker on the stronger dollar.Mixed results released on the day failed to support the overall market with Exxaro down 8%. Sanlam and Old Mutual closed firmer on annual results but FirstRand was weaker on its interims.Markets were eyeing Friday’s nonfarm payroll data in the US, with a better-than-expected number set to boost the possibility of a rate increase. The market is already pricing in an 80% probability of that happening.US nonfarm jobs rose 227,000 in January, which indicated a healthy US economy supportive of higher inflation in the months ahead. The US Federal Reserve has stated in the past it would then be ready to act by increasing rates.The consensus was for 175,000 jobs created in February, but markets were bracing themselves for a better number following improved jobs data in the US priva...
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