JSE closes higher but loses momentum at the close as Naspers hits R3,000
The JSE closed firmer on Wednesday, above the 56,000-points level for the second consecutive day, but general retailers and banks could not hold on to earlier gains as global markets retreated at the close. Positive consumer inflation data failed to benefit interest rate-sensitive sectors, such as banks and property, as most of the good news of probable further cuts in interest rates by the Reserve Bank had already been priced in. Banks and financials rose earlier in the week on the prospect of further rate cuts. Should inflation continue to track lower in line with expectations and remain well within the target band for the foreseeable future, it is likely that the Reserve Bank will respond by cutting interest rates further by an additional 50 basis points by the end of the first quarter of 2018, said Momentum Investments economist Sanisha Packirisamy "The timing of the two additional interest-rate hikes would likely depend on currency moves, in reaction to a potential rise in glob...
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