JSE opens firmer, with financials supported by good news on inflation
Property group Intu fell sharply after Hammerson walked away from their deal, while miners benefited from a softer dollar
The JSE opened firmer on Wednesday morning, as miners recovered on a softer dollar and a higher oil price.Banks and financials were supported by a better than expected consumer inflation number. The consumer price index (CPI) rose 3.8% in March from a year earlier — against the 4.1% Trading Economics consensus forecast.The rand was at R11.9920 to the dollar from R11.9835. Brent crude rose 0.52% to $72.04 a barrel.The early-morning focus fell on property stocks, after London- and JSE-listed Hammerson walked away from its proposed takeover of UK-focused Intu. Hammerson said it had decided not to proceed with the deal, "in light of updated information on current market dynamics in the UK".Hammerson’s shares rose while Intu’s fell. Market speculation was that French group Klépierre — which last week called off its hostile bid for Hammerson — might return with another higher bid.Stocks in the Resilient stable were higher.On Wall Street, the Dow Jones industrial average closed 0.87% highe...
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