The JSE all share closed higher on Wednesday on banks and financials as general retailers retreated in risk-off trade with a number of the big players hard hit. Massmart closed 4.06% lower at R102.64, Truworths 2.68% at R69.40, and Mr Price 1.62% at R152.33. In contrast, food and drug retailers closed firmer on the day, with Pick n Pay gaining 0.52% to R57.50. A shift between the two asset classes has become noticeable with general retailers losing 10% so far this year, but food and drug retailers rising 10%. The all share closed 0.32% up at 51,596.80 points with resources gaining 0.96%. Banks were up 0.90% and financials added 0.83%. Gold shares led the declines among the miners following re-affirmation by US Federal Reserve chairwoman Janet Yellen, in a speech on Tuesday, of the Fed’s hawkish stance, but that the hiking process is set to be gradual. The gold index closed 3.24% lower and platinum lost 1.37%. AngloGold Ashanti lost 4.29% to R132.23 after saying it might retrench 8,5...
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