The JSE gained on Thursday, after the Reserve Bank kept the repo rate on hold, but revised its inflation forecast downwards.The dovish tone from the Bank benefited banks and retailers, which were also bolstered by a firmer rand. The local currency reached an intra-day best of R12.15 to the dollar, a level last seen in July 2015.General retailers, recently buoyed by positive economic data and trading statements from individual companies, rocketed 4.36%. This was the best one-day performance by the index in almost two years.Despite the Bank keeping its guidance of three 25 basis point rate increases by the end of 2019, the forward rate agreement (FRA) market was now pricing in rate cuts, said Capital Economics analysts.Miners came under pressure, despite slightly firmer commodity prices, as did property stocks.General retailers on the JSE rose 4.39%‚ banks 1.87%, and food and drug retailers 1.52%. The property index shed 2.06%‚ platinums 1.84% and resources 0.82%.The all share was up ...
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