The JSE all share closed higher on Wednesday in renewed global risk-on trade amid indications investors are diversifying from US markets, which are trading at high valuations. Foreign buyers supported banks and retailers, in higher volume trade than that of the past few days, with turnover amounting to R18.6bn. Platinums firmed sharply despite a softer metal price, a stable rand and Mineral Resources Minister Mosebenzi Zwane gazetting a proposal to restrict the granting of new mining and permitting rights. Bank of America Merrill Lynch’s fund manager survey for July, released earlier, revealed that US corporate profits are expected to fall to the lowest level since the 2016 US election. Regarding earnings, a net 22% of investors surveyed did not see a substantial improvement over the next 12 months. Allocation to US equities fell to a net 20% underweight. "The last time investors were more underweight in US stocks was in January 2008," Bank of America Merrill Lynch said. The Dow was...
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