The JSE closed higher on Thursday, as local retailers were buoyed by positive economic data, but a dollar rebound put pressure on many resources stocks. The dollar gained against the euro after US inflation for January was higher than market expectations, with the rand paring earlier gains. Local focus was, and remains, squarely on the expected departure of President Jacob Zuma. The ANC earlier gave Zuma a midnight deadline to resign, failing which he will face a motion of no confidence in Parliament on Thursday. A formal statement from the presidency was expected on Wednesday. Earlier, Statistics SA reported retail sales in December grew 5.3% year on year‚ beating a consensus forecast of 4%. This is likely to provide a fillip for SA’s fourth-quarter GDP figure. Nedbank economist Johannes Khosa said the figures suggested the economy sustained reasonable momentum in the fourth quarter. "The interest-rate outlook looks more favourable following Zuma’s recall." The political drama has ...
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