The JSE was heading south by midday on Wednesday, with dual-listed rand-hedge stocks buckling under the weight of a strong rand, which has resurfaced as one of the main themes alongside a slew of local corporate-earnings reports. The all-share index was off 0.42% to 54,320.60 points at lunchtime as industrial stocks and miners, in particular, came under pressure. Gold and platinum stocks were the main losers in the resource complex, though part of the weakness stemmed from corporate activity. Sibanye dropped 31% on account of a technicality related to its rights issue to acquire the US-based miner Stillwater. The stronger rand and a bit of profit taking combined to knock the big industrial stocks, which helped push the all share to its highest since 2015 on Monday. Financial stocks held out well, though, as the rand briefly rallied through the R13 to the dollar mark for the first time in about a month. The development is good news for those retailers that procure merchandise offshor...
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