MARKET WRAP: JSE lower in choppy trade, with retailers and rand hedges under pressure
The JSE lost ground on Wednesday, as gains by banks and property stocks failed to offset losses by rand hedges and retailers.International markets did not give the local bourse a clear direction, with the rand likewise mixed against major global currencies shortly before the JSE closed.Miners were under pressure, with Sasol leading losses, amid signs of cracks emerging within oil cartel Opec over production cuts. Gold miners pared earlier losses, as the precious metal price firmed, following the announcement US secretary of state Rex Tillerson would be the latest departure from the White House.Tillerson’s departure comes as the US faces the possibility of retaliation from major trading partners over recently imposed steel and aluminium import tariffs."So far, trade risks have not been a big risk-off catalyst. Yet a potential escalation into trade wars is arguably the most disruptive geopolitical risk to global expansion and markets in 2018," said BlackRock’s chief global investment ...
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