The JSE closed lower on Thursday on broad-based losses led by platinums and retailers retreating after the Reserve Bank painted a dim picture of the economy in its repo-rate statement on Thursday. The Bank kept the 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 trade. The Reserve Bank said the domestic growth outlook has deteriorated amid weak business and consumer confidence. This is 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 1% for 2017. The Bank’s decision was described by Capital Economics economist John Ashbourne...
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