The JSE opened firmer on Thursday as the market awaited rate decisions by the South African Reserve Bank and European Central Bank (ECB) later in the day. Rand hedges were supported by a marginally weaker rand while banks and retailers were up in risk-on trade. Naspers was up for a second consecutive session. Although no changes in rates are expected, analysts will be watching the tone in commentary from both banks for developments during the rest of the year. A cut by the Reserve Bank, based on lower inflation, is expected towards the end of 2017 or early 2018, while the ECB is set to provide more information on the fazing out of its accommodative policy stance. The ECB’s €60bn a month asset repurchasing programme expires at the end of 2017 and traders are looking for clues regarding what comes next, said Oanda analyst Craig Erlam. He said the most likely decision, despite the central bank still falling well short of its inflation target, would be to cut its purchases by another €2...
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