The JSE opened firmer on Wednesday as mining stocks recovered while retailers rose ahead of the release of April’s retail sales data later in the day. The April figures are expected to be in positive territory, but weaker than the previous month. A contraction will raise questions about GDP growth for the rest of the year. Growth is already under pressure after weak mining and manufacturing data. Early-morning sentiment on the JSE was more positive than at the close on Tuesday as the market awaited a renewed mildly dovish stance from the US Federal Reserve on further rate increases when it announces its rate decision after the JSE close. A dovish tone would weaken the dollar and benefit the rand, supporting local banking and retail stocks, despite industrials being oversold on technical indicators. "The JSE delivered a slightly disappointing outcome on Tuesday as domestic equities failed to react to a much-oversold, short-term technical position," Momentum SP Reid analysts said. Ind...
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