MARKET WRAP: JSE pushes higher as banks and retailers continue their recent rally
Interest-rate and rand-sensitive stocks continued to support the JSE on Wednesday, with the local bourse closing about 400 points off its record high.Resources remained under pressure, with banking stocks and financials gaining, despite rand weakness for much of the day.The recent strength in the rand has prompted some market commentators to speculate that the Reserve Bank will adopt a slightly more dovish tone on Thursday, when it announces its latest decision on SA’s interest rates.Upbeat local data supported the retail indices, which extended gains made on Tuesday. Statistics SA said earlier that retail sales in November grew 8.2% compared to the same period in 2016, twice as fast as expected by economists.Although flattered by Black Friday sales, the figure was further evidence SA’s economic performance had been robust during the period, something that should continue in early 2018, said Capital Economics analysts.The all share closed 0.45% higher at 60‚924.50 points and the blu...
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