JSE closes higher as property stocks rebound, while retailers retreat
The JSE closed at a six-week high on Monday, as the market held onto most of its earlier gains amid a stand-out performance from mining and property stocks. The gold price was firmer for most of the day after crossing the resistance level of $1,340 and ounce in a weaker dollar environment. A firmer rand put a lid on gains by rand hedges, while general retailers were rocked by a disappointing trading update from Woolworths. Mining shares benefited from a continued rise in metal prices, thanks to a weaker dollar and underlying demand for commodities. Despite the gains on the day investors continue to await new developments on the political front regarding the position of President Jacob Zuma as head of state, with some guidance probably due to emerge after the ANC national executive committee meeting on Thursday. Volumes were thin, at R11.5bn, as US markets were closed for Martin Luther King Day. TreasuryOne analyst Gerard van der Westhuizen said the major event this week would be the...
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