The JSE staged a mild retreat on Monday, as last week’s euphoria around the local political transition subsided. The all share was down 0.40% to 58,885.80 points at lunchtime, as traders cashed in on some stock gains made last week, when the benchmark gauge had its best week in two years. The confirmation of Cyril Ramaphosa as the new head of state, replacing scandal-ridden Jacob Zuma, had fuelled the rally in locally oriented shares in particular, signalling optimism about the economy. Consumer discretionary stocks such as Lewis rose as much as 21% last week, coinciding with a rand that hit a three-year high to the dollar before subsequently pulling back. The short-term catalyst could come from the budget, which Finance Minister Malusi Gigaba will table on Wednesday. Ramaphosa confirmed during his maiden state of the nation address that the government would roll out fee-free higher education for poor households. TreasuryOne currency dealer Phillip Pearce said in an e-mailed note th...
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