MARKET WRAP: JSE firms in line with world markets, as retailers cheer inflation data
The JSE closed firmer on Tuesday, snapping a five-session streak of losses, bolstered by positive local data.Retailers benefited the most from local news, notably the inflation print for February, which surprised to the downside. The inflation data further raised hopes the Reserve Bank will cut interest rates next week.Earlier, miners were boosted by a weaker dollar, but later came under some pressure from a stronger rand.Market sentiment was lifted somewhat by the announcement that President Cyril Ramaphosa had suspended South African Revenue Service commissioner Tom Moyane, a move, analysts said, that would further signal an intent by the government to deal with officials seen as compromised.The move comes ahead of a crucial announcement on SA’s sovereign credit rating by Moody’s on Friday, but most analysts believe the agency will not downgrade SA’s local currency rating to junk status.Volumes were lower than usual ahead of Human Rights Day on Wednesday‚ when local markets will b...
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