JSE closes higher on resources as banks drop ahead of Fed rate decision
Resources pushed the JSE to a firmer close on Tuesday, in mixed trade, as a promising start by retailers and banks fizzled out in the late afternoon, ahead of the US Federal Reserve’s interest-rate decision on Wednesday. Naspers, taking a breather, ended the day flat at R2,862.21. It is, however, up more than 42% this year, while the all-share index has gained just 7.5%. Anglo American was the star performer, jumping more than 7%, after its iron-ore subsidiary Kumba rocketed 17% after announcing it would be paying its first dividend since 2015. It declared a R15.97 per share interim cash dividend, in accordance with the board’s policy of returning excess cash to shareholders, it said. Commodity prices were mixed, with copper rising just more than 2% to $6,161 a tonne in intra-day trade, its highest since May 2015. Platinum softened 0.43% to $925.20 an ounce and gold 0.36% to R1,250.70. Anglo American added 7.49% to R199.55 and Kumba 17.34% to R203. The rand weakened through R13 to t...
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