JSE performs comeback on upbeat retail sales data as rand hedges gain
Despite a weak opening, the JSE all share closed firmer on Wednesday as upbeat retail sales data buoyed the sector and the weaker currency boosted rand hedges.Stocks in companies that make most of their income locally recovered, after being under pressure on Tuesday following President Jacob Zuma’s surprise decision to shake up his executive.The rand reached a worst intra-day level of R13.5998 to the dollar, before recovering towards the JSE’s close, with the greenback little changed at about $1.1770 to the euro.Some mining stocks were lower on weaker commodity prices, with platinum down 1.22% to $923.10 an ounce and gold 0.38% to $1,280.04. Brent crude lost 0.15% to $57.98 a barrel.Inflation‚ as measured by the annual change in the consumer price index (CPI)‚ accelerated to 5.1% in September from 4.8% in August, worse than economists’ consensus of 4.9%, It is, however, still comfortably within the Reserve Bank’s target range of 3% to 6%.Retail trade sales rose by a significant 5.5%...
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