MARKET WRAP: JSE ends flat as miners gain on rand and Steinhoff falls further
The JSE all share closed flat on Thursday as miners rallied on the weaker rand, while retailers and banks were lower. The rand weakened more than 1.2% to R13.6892 to the dollar in intraday trade, after the greenback firmed below the $1.18-level to the euro, on optimism that the tax reform bill would soon be passed by both houses in Congress. Commodity prices were marginally off, with platinum losing 0.45% to $899.29 an ounce and gold 0.75% to $1,253.71. Brent crude recovered 0.95% to $61.8 a barrel after being sold off on Wednesday, as US stockpiles data came in higher than expected. Steinhoff had another disastrous day, losing a further 43.21% to R10 amid indications that the road ahead would entail drawn-out investigations into the company by regulatory authorities in Germany, the US and SA. Steinhoff is now down 86% in 2017.
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