Despite a drop in a number of global equity markets, the JSE was higher on Wednesday, supported mainly by a slightly weaker rand. The all share was up 0.56% to 60,990.50 points at lunchtime, its best level since November and within striking distance of its record high. The weaker rand more than compensated for lower commodity prices, boosting stocks such as Anglo American and BHP, which together have been top performers among blue-chip stocks since the start of 2018. Retail stocks also received solid buying support for the second day running, after some of them released trading updates, which painted a mixed picture in the sector. Banks were mixed, but the upward trend in the sector appeared intact. Stocks that are tied mainly to the local economy have risen strongly since December, when the ANC elected Cyril Ramaphosa as its new leader. These include insurance stocks, banks and gaming and leisure stocks. World equity markets were mostly weaker on the day, with investors appearing t...
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