MARKET WRAP: JSE ends the week flat ahead of budget policy statement
The JSE all share ended the day flat on Friday after trading in positive territory for most of the day as global markets benefited from news of possible tax cuts in the US. US President Donald Trump received a boost as the budget blueprint for 2018 was cleared in the Republican-controlled Senate on Thursday. The tax plan was approved by a vote of 51 to 49, which is likely to create a clear path for Republicans to initiate a tax reform without Democratic support. The approved budget plan allows tax legislation to add up to $1.5-trillion to the Federal deficit over the next 10 years to pay for the proposed tax cuts. The all share closed 0.09% up at 57,948.70 points and the blue-chip top 40 added 0.15%. Platinums rose 2.17%, resources 0.45% and industrials 0.31%. Banks shed 2.39%, general retailers 1.81%, food and drug retailers 0.99%, and financials 0.80%. The all share ended the week 0.12% up, its third week of gains. Anheuser-Busch InBev rose 1.87% to R1,724.60, British American Tob...
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