The JSE gave up earlier gains to close flat on Thursday, despite being bolstered by recent corporate announcements, while global risk-appetite improved as fears of a trade war eased. Amid a slew of company results, MTN surged following the release of its finals, while Famous Brands came under pressure after releasing a full-year trading statement, which included a profit warning. MTN ended the day up 10.12% to R135 after the cellphone operator returned to profitability in the year to end-December. Standard Bank’s results‚ the strongest among the big four banks in the 2018 reporting season‚ earlier buoyed the banking index. Both, however, came under pressure from a weaker rand later in the day. Shares in the Resilient stable continued their recovery, helping to lift the property index. On Wednesday, Resilient announced its intention to restructure a controversial broad-based black economic empowerment entity and eliminate its cross-holdings with Fortress. Global focus remained on the...
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