The JSE closed flat on Friday with gold shares supporting the market on a firmer gold price, but resources and platinums ended the day weaker on the stronger rand. The rand reached a best intra-day level of R12.8116 to the dollar before weakening again in early evening trade, but holding out below R13. Banks and financials retreated on the Reserve Bank’s grim forecast of economic conditions with industrials delivering a subdued performance. The Bank kept the repo rate unchanged at 7% but left the door open for future rate cuts this year if consumer inflation surprises on the downside. A rebound in Brent crude failed to lift global markets with the Dow Jones flat at the JSE’s close. European markets were mixed with the FTSE 100 firming 0.44% but the Dax losing 0.29%. Brent crude was 0.51% higher at $51.46 a barrel. The gold price was 0.97% up at $1,268 an ounce. Gold is currently trying to push its way through $1,265 in a sustainable manner, which has been a tricky level for gold ove...
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