JSE closes flat as rand hedges gain, while platinum stocks lose out
The JSE all share closed flat on Monday in choppy trade as the market struggled to find direction. Continued local political tension and generally weaker global markets weighed on some sectors. A fall in the currency supported rand hedges and resources on the day, but gains waned toward the end of the session in thin-volume trade, which just exceeded R12bn. An average day yields turnover of about R20bn. Gold stocks gained on a slightly firmer metal price, while retailers and banks retreated on the rand. Support for the global miners lost traction amid mixed commodity prices, with copper lower and zinc firmer. A higher platinum price failed to support platinum shares, with Anglo American Platinum leading the losses in the sector. Soon after the JSE close the platinum price had gained 0.62% to $934.79 an ounce and gold 0.19% to $1,277.70. Concern about a free education plan, expected to be announced by President Jacob Zuma next week, kept the rand and markets on the back foot as local...
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