The all share closed weaker on Wednesday as a firmer rand and a slump in Sasol’s share price dragged the market lower. In its first day of trade, however, Steinhoff Africa Retail (Star) performed well, in high-volume trade. Banking shares gained ahead of the Reserve Bank’s interest-rate decision on Thursday. Better-than-expected consumer inflation on the day buoyed the sector as it increased the likelihood of a rate cut, which would boost banks’ lending business, despite some once-off annuity income drawback. The banking index has lost 2.59% in September, but is 1.13% higher for the year. It closed in the red every day last week. It was likely the Bank would cut rates by 25 basis points, said Momentum Investments economist Sanisha Packirisamy. If there are no prolonged negative currency adjustments following the credit rating agencies’ updates and the ANC’s conference in December, the Bank was likely to cut interest rates by an additional 25 basis points before the end of the first ...
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