MARKET WRAP: JSE little-changed as rand slips, while market eyes looming risks
The JSE closed lower on Monday, with global miners under pressure and as investors face a series of risk events this week.Volumes were lower than usual, at R16bn, compared with the daily average of R20bn, ahead of a busy week locally and internationally.Ratings agency Moody’s latest pronouncement on SA’s credit status and a US Federal Reserve monetary policy announcement on Wednesday helped temper market activity.The Treasury had, however, already indicated that recent political developments had been well received by Moody’s, which was not expected to downgrade SA further, said Investec economist Lara Hodes.Lower prices for most commodities hurt some of the big diversified miners‚ but the index of leading platinum shares snapped an eight-session losing streak‚ suggesting bargain-hunting in the sector.Property stocks were bolstered by Hammerson’s performance after it was confirmed that it had rejected an offer for its entire share capital.Banks and retailers managed to close firmer, ...
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