The JSE was higher at lunchtime on Wednesday, with companies that make most of their income locally still showing a fair bit of momentum, after the country narrowly escaped a downgrade by Moody’s, which would have put it into junk status by all three major agencies. Only S&P Global Ratings pulled the trigger in its latest review of the country, when it downgraded SA’s crucial, rand-denominated debt to junk on Friday, while Moody’s opted to keep it at investment grade, for now. "It is more of a relief rally as sentiment was overly pessimistic heading into the ratings decisions last week," said Paulo de Almeida, portfolio manager at Sasfin Securities. Banks and insurance stocks were mostly higher, while those of retailers and food producers were little changed following a good session on Tuesday. JSE-listed stocks with exposure to UK were also well supported amid signs that the country was making progress in its divorce talks with the EU. The uncertainty around Brexit has kept a lid o...
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