JSE closes slightly lower as stronger rand puts miners under pressure
Rand hedges are also affected by the stronger currency — the rand was at R13.15/$ at the close — as geopolitical tensions put a damper on global stock markets
The JSE closed weaker on Thursday in broad-based losses as gold and platinum shares retreated on the stronger rand, despite commodity prices lifting toward the close. At 5pm, platinum had risen 1.18% to $978.81 an ounce while gold had gained 0.26% to $1,281.48. Rand hedges were also affected by the stronger currency but banks and general retailers recorded gains. Property ended flat in choppy trade. At the JSE’s close the rand was at R13.1573 to the dollar from Wednesday’s R13.2738 after hitting a three-week best level of R13.1148 in intra-day trade. The tone was somewhat inconsistent for most of the day as the market remained cautious on further rand strength and political developments following a speech by Deputy President Cyril Ramaphosa in which he affirmed his support for radical economic transformation. "The local market has largely been shrugging off local political uncertainty," said Old Mutual Equities boutique head Peter Linley. However, geopolitical tension has put a damp...
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