The JSE closed firmer on Tuesday as retailers gained on Shoprite’s annual results, buoying overall sentiment in the sector. Banks rallied ahead of the release of consumer inflation data for July, on Wednesday. Inflation was expected to have eased from 5.1% in June to 4.6% in July as a result of lower food and transport costs. Analysts said the inflation data might give some guidance as to when the Reserve Bank might again cut interest rates, which would benefit banks. Shoprite’s share price jumped 8% after it reported an aftertax profit up 12% to R5.4bn. It declared a final dividend of R3.24, taking its total for the year to R5.04, an 11.5% increase over the previous year’s R4.52. The rand was steady in range-bound trade between R13.13/$ and R13.23. Resources were boosted by higher commodity prices, specifically the stronger copper price — which rallied to a new high of $6,619 per tonne — and boosted diversified resources in particular. "The weaker dollar and positive global economi...
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