JSE closes flat as weak rand provides only tepid support for rand hedges
The JSE closed flat on Tuesday as an early-morning rally on the weaker rand fizzled out toward the close, with banks and general retailers retreating in thin trade.Volumes were low at about R11bn at the close, as a recent trend continued with offshore investors divesting from local equities in favour of local bonds.Rand hedges trimmed earlier gains on a flat opening on the Dow as tech stocks remained under pressure, with Apple trading lower for the third consecutive day. Naspers could not hold on to earlier gains, closing lower, with the market heavyweight performing flat for the week so far.The rand hit R12.4028 to the dollar on the day, but provided only marginal support for the big rand hedges. However, that may change, said IG SA analyst Shaun Murison. "We could be in the early stages of an improving environment for locally listed rand hedges." He said Naspers appears interesting, as Walmart looks to buy a majority stake in Flipkart, the largest e-commerce business in India, of ...
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