The JSE closed weaker on Wednesday in choppy trade as the firmer rand dragged resources stocks lower while retailers gained on better-than-expected retail sales data. Banks and financials rose on the rand but industrials softened towards the close. Platinum and gold stocks pared earlier gains despite firmer commodity prices. Platinum had jumped nearly 2% to $944 an ounce by the JSE’s close with gold 0.85% higher at $1,276.89 on the weaker dollar. Brent crude was down 2% at $47.10 a barrel with the latest figures reflecting limited progress in the production-cut agreement among oil cartel Opec members. The dollar weakened against the euro ahead of the US Federal Reserve’s interest-rate decision, with the announcement expected at 8pm CAT. The market has priced in a 90% possibility of a US interest-rate increase, the second this year, but is unsure about the future trajectory given the subdued growth in consumer inflation and wages so far this year. Despite the increase, the Fed statem...
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