MARKET WRAP: JSE closes a little higher as banks enjoy the firmer rand
The JSE firmed further on Wednesday, in yet another record close, as banks and retailers gained on the stronger rand, while Naspers led rand hedges higher, despite the stronger currency. Miners were the losers on the day, on a weaker dollar, while Brent crude struggled to hold onto the firmer levels it reached last month. Analysts have been sceptical about the sustainability of the rand and bond gains of the past week, ahead of US consumer inflation data on Friday, but the local currency has surprised, with R13.44 to the dollar now seen as a realistic next resistance level. Volumes on the JSE were lower than average, at R15bn, ahead of the release of the US Federal Reserve’s federal open market committee meeting minutes for September, that might lead to further dollar weakness, which would support the rand. The minutes are likely to reveal clear-cut support among Fed members for a December rate hike, but with a more measured approach in 2018 based on subdued inflation. The all share...
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