The JSE firmed on Tuesday, with banks and retailers leading the gains, while rand hedges fell in line with a firmer local currency. A lower-than-expected inflation report for February bolstered retailers, while the Reserve Bank’s leading indicator also showed an uptick in the business cycle in January. The rand firmed after European data on the day disappointed, weakening the euro, while the local unit has also benefited from some local political developments. Banks received a boost as a result, but financials fell, with Sanlam and Discovery faring worst. While market euphoria over the election of President Cyril Ramaphosa had faded somewhat and was wobbling ahead of Moody’s announcement on Friday, the ratings agency was not likely to downgrade SA further, said Investec economist Annabel Bishop. Miners were well supported, amid some positive local news. This included comments by Mineral Resources Minister Gwede Mantashe that the government was "not married" to pushing through a cont...
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