The JSE closed weaker on Thursday as rand hedges, led by British American Tobacco (BAT), pulled the market down following a positive opening.BAT plummeted on reports of lower cigarette sales at US rival Philip Morris. BAT’s share price is down 25% so far in 2018.A firmer rand supported banks and retailers at the opening, but renewed risk-off sentiment reversed the gains toward the closed.Platinum shares were the best performers on the day, followed by property stocks. Shares in the Resilient stable rose sharply after being hammered over the past few months.The platinum price reversed earlier gains to lose 0.26% to $939.37 an ounce in late trade. The gold price shed 0.43% to $1,343.30.The Dow was 0.25% lower at the JSE’s close. Trade in US markets has been upbeat this week, as US corporate earnings have so far been mostly positive."With a lack of geopolitical drivers, markets have entered a somewhat quietened period of trading," said Richard Perry, a Hantec Markets analyst, in a note...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.