MARKET WRAP: JSE slightly firmer as global risk-on trade helps keep rand steady
Precious-metal miners are down on the day; gold miners fare worst with Gold Fields slumping 3.08%‚ Harmony 4.82% and AngloGold Ashanti 2.34%
Buoyant global markets and gains by local banks and retailers helped keep the JSE above 60,000 points on Tuesday, despite a slide in precious-metal miners. Gold miners fared worst as the price of the metal continued to give back gains from a recent four-week rally. Diversified miners gained, however, with a bull run for industrial metals expected to continue in 2018, said SP Angel analysts. The London Metal Exchange index had climbed 29% in 2017, its largest increase since 2009. Analysts expect the gold price to come under pressure over the next two years as global central banks begin tightening monetary policy. Gold is seen as a hedge against loose monetary policy. The all share gained 0.13% to 60‚113.7 points and the top 40 0.1%. Banks added 1.2% and general retailers 1.01%. Gold miners fell 2.46% and the platinum index 0.92%. British American Tobacco was up 0.34% to R833.05‚ having earlier announced that recent corporate tax cuts in the US could lift its earnings per share by 6% ...
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