MARKET WRAP: JSE little changed as major banks gain from Capitec’s woes
The JSE weakened very slightly on Wednesday, tracking generally subdued global markets. This resulted in an inauspicious start for the first month of 2018, with the local bourse losing 200 points in January.Globally, markets were mixed on Wednesday, with some analysts saying losses were due to month-end consolidation by investors.Most banks and retailers benefited from a firmer rand on Wednesday, with the local currency now up about 4.3% against the dollar this month. Capitec, however, plummeted 12.59% to R800.60‚ a day after a Viceroy Research report on the bank came out.The rand was the best performing currency in Africa in January, but should weaken in the course of 2018, as the prices of SA’s key commodities weakened and investors re-appraised the likelihood that ANC president Cyril Ramaphosa would succeed in pushing through significant economic reforms, said Capital Economics analysts.The all share closed 0.07% lower at 59‚506.10 points and the top 40 dropped 0.16%. Resources s...
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