The JSE closed higher on Wednesday, led by shares that benefit from a weaker rand, as investor sentiment soured on news out of China.The main Chinese market is officially in bear-market territory, having fallen 20% off its high this year, with speculation on Wednesday that banks in that country were devaluing the yuan. This was interpreted as further sabre-rattling by Beijing regarding trade, adding an additional reason for investors to shy away from risk assets. The rand was weaker as a result, weighing on banks, and food and drug retailers.The all share firmed 0.21% to 55,369.3 points and the top 40 0.39%. Food and drug retailers slumped 3.44%, banks 2.83%, and financials 2.17%. Resources firmed 2.83% and industrials 0.29%.After two-days of thin trade, turnover on the JSE returned to normal, with corporate news providing significant direction to food and drug retailers and the resource index.Christo Wiese has cut his stake in Shoprite by R3.9bn, putting that share under strain.The...
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