The JSE closed weaker on Thursday — its first day of losses in 10 sessions, during which it reached six record highs — as industrials and miners pulled back on the firmer rand. Local data was upbeat. Mining production increased by a significant 6.9% year on year in August‚ after increasing by 0.9% year on year in July. Analysts had expected a contraction‚ but this was mainly due to a high base in August last year. The release has raised expectations for SA’s economic performance in the third quarter. Retailers, banks, financials and property stocks gained on the day after the rand strengthened 0.40% to the dollar to R13.4535, its best level so far this month. Minutes released by the US federal open market committee were interpreted by markets as being rather dovish, after some policy makers expressed reservation as to the outlook for inflation. Analysts said this likely meant an increase in December, but that it called into question three rate increases pencilled in by the Fed for n...
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