The JSE opened lower on Thursday as growth concerns and the unsettled local political scene dampened sentiment, with the weaker rand having little effect on industrials and resources, which usually benefit from a softer local currency.Lower commodity prices failed to support the miners, with gold and platinum prices falling. Rand hedges and retailers trended higher while the rest of the market was weaker.The rand weakened to R13.7121 to the dollar in early morning trade, the worst level since April. The dollar was flat against the euro at around $1.1747.Concern about SA’s fragile economy, particularly lower than expected tax revenue, which is expected to affect fiscal policy negatively, was expressed by ratings agency Moody’s at an investors conference in London earlier in the week. It has SA on a negative outlook.The data continued to build evidence of subdued confidence levels for an extended period, analysts at Nedbank Corporate and Investment Banking (CIB) said."The rebuilding o...
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