The JSE closed lower on Thursday on broad-based losses led by platinums with retailers retreating in risk-off trade.The Reserve Bank painted a dim picture of the economy in its statement as it kept the repo rate unchanged at 7%. The rand gained in response to the possibility of rates remaining at present, higher levels for longer, firming to R12.8464 to the dollar from $12.8957 after the JSE’s close.Platinum stocks were lower on a stronger rand and on Moody’s downgrade earlier in the week of China’s sovereign credit rating, despite the platinum price gaining 0.80% to $953.74 an ounce in late afternoon trade.The Bank said the domestic growth outlook had deteriorated amid weak business and consumer confidence. This was despite the Bank lowering the average local consumer inflation outlook for this year to 5.7% from 5.9%, and after aligning GDP growth to the International Monetary Fund’s recently revised 1% for 2017.Reserve Bank governor Lesetja Kganyago said a reduction in rates would...
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