The JSE gave up earlier gains to close lower on Thursday, snapping a five-session winning streak.British American Tobacco came under pressure amid bad news for the tobacco sector, falling 6.85% to R618.99 on the local bourse. This was after rival Philip Morris tumbled in US trade, following the latter’s report of disappointing revenue growth.Local corporate news was more positive, with both Pick n Pay and Clicks releasing market-pleasing results, while Pioneer’s report of an improved performance seemingly came in below investor expectations.At the JSE’s close, banks and financial stocks had given up earlier gains that followed overnight rand strength.Miners benefited from rising commodity prices, with nickel and oil jumping to multiyear highs.Brent crude was above $74 for the first time since 2014, lifted by data showing declining US inventories, as well as comments from Saudi Arabia that it was eyeing $100 a barrel.The property index delivered a strong performance, led by companies...
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