The JSE opened flat on Tuesday as a stronger rand had a negative effect on rand hedges and miners, but banking, retailer and property stocks were up in early trade. Market sentiment was fragile after the ANC made it clear it is pushing ahead with controversial land reform measures. Its economic transformation subcommittee recommended the inclusion of expropriation without compensation in the Expropriation Bill. The rand gained about 15c against the dollar from overnight trade, as the euro recovered some lost ground against the greenback. "We expect the dollar bull market to correct and emerging-market equities to find support, but the stronger rand will leave the JSE vulnerable," said Nedbank Corporate and Investment Banking trader Neels Heyneke. The rand was at R12.5520 to the dollar from R12.6748 soon after the JSE commenced trading. The Dow started the week on a high note, rising 1.21% on Monday as tension on a possible trade war with China calmed down and China committed itself ...
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