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Global equity markets were suffering a post-party hangover on Thursday as optimism about the consequences of US individual and corporate tax cuts started to ebb.Similarly in SA, euphoria about Cyril Ramaphosa’s win as ANC president, which had been seen likely to encourage more business-friendly policies, was replaced by anxiety as the party approved a resolution to seek changes to the Constitution to allow for expropriation of land without compensation.Local political developments and a stronger dollar have pushed the rand away from its strongest recent level of below R12.60 to the dollar, achieved earlier in the week, benefiting rand-hedge shares.By midday, the JSE’s all-share index was 0.84% higher at 58,522.1 points. Financial shares firmed off earlier weaker levels, with the index adding 0.04%.European markets were negative for the third successive day, with the DAX 30 down 0.01% and the FTSE 100 trading 0.25% lower. UK consumer confidence fell to a four-year low in December. As...

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