The JSE opened firmer on Friday, as concern about a more hawkish stance from the US Federal Reserve abated, with the Dow and Asian markets rebounding. Miners on the JSE were firmer at the opening, with property and retailer stocks lagging. Troubled property stock Resilient came under renewed selling pressure, after management said they were looking at the valuations underpinning its empowerment investment, which some analysts say inflate overall financial results. Although local interest-rate sensitive stocks have priced in a rate cut by the Reserve Bank in March, some analysts believe it is not a given as the increase in VAT, announced in the budget, could put pressure on consumer inflation over the short term. Global markets were on the back foot earlier in the week, following the release of the latest minutes from the Federal open market committee, in which hawkish sentiments were expressed. That may lead to more than the three expected interest-rate increases this year. However,...
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