The JSE closed firmer on Wednesday as the rand weakened against the dollar in the late afternoon creating opportunities for miners and rand hedges to rebound. The local currency had fallen nearly 30c to the dollar by the early evening after US Treasury Secretary Steve Mnuchin confirmed that President Donald Trump intended to lower the business tax rate to 15% from 35% as part of his tax reform plan. Some technical analysts had expressed scepticism about the rand’s revival earlier in the week, saying it was most likely to be short-lived, said Stanlib retail investment director Paul Hansen. "This potentially created an opportunity to buy rand hedges and also invest offshore." Trading was subdued ahead of Freedom Day on Thursday, with regular trade only expected to resume next Tuesday after Workers’ Day on Monday, as many traders are expected to take Friday off. The all share closed 0.79% higher at 53,680.70 points and the blue-chip top 40 gained 0.99%. Resources firmed 1.43%, food and...
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