MARKET WRAP: JSE closes weaker as platinum stocks shine and industrials retreat
The JSE all share closed weaker on Monday, as rising platinum shares could not offset broad-based losses in the wider market, led by industrials. Volumes traded at R13bn on the day —much lower than last week, when the market surged on the election of Cyril Ramaphosa as president. Platinums were supported by a firmer metal price, up 0.22% to $1.009.51/oz at the close, as well as positive annual results from Anglo American Platinum. The platinum producer announced the declaration of a dividend to long-suffering shareholders, the first in six years. Retreating property stocks came back from weaker levels to end the day flat. Financials were also flat, despite belated gains by some companies toward the close, led by Old Mutual. Market focus was on Wednesday’s budget speech. Despite rumours of a cabinet reshuffle, Finance Minister Malusi Gigaba is still expected to deliver the budget on Wednesday. Greater fiscal prudence could stave of a further downgrade announcement by ratings agency M...
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