MARKET WRAP: JSE edges higher amid supportive local data
Local corporate news helps lift diversified miners, while better-than-expected inflation data and retail sales numbers buoy banks
Good news finally managed to lift the JSE shortly before its close on Wednesday, with banks rebounding the most, following a choppy day of trade.Banks, financial stocks and most retailers were weaker for much of the day, despite supportive economic data releases. Corporate news was mixed, with a release by diversified miner BHP bolstering the resources index, while a statement from Shoprite weighed on food and drug retailers.The all share firmed 0.22% to 56,237.2 points, and the top 40 0.35%. Resources gained 0.73% and banks 0.44%. Platinums fell 1.36%, gold miners 1.35% and food and drug retailers 1.36%.Earlier, inflation for June came in at 4.6% year-on-year, and while this was an acceleration from May’s 4.4%, it was less than the 4.8% consensus expectation. Retail sales for May were also upbeat, growing 1.9% year-on-year, compared to the consensus forecast of 0.8%.While most analysts said this was positive, FNB senior economist Jason Muscat said the print suggested consumers were...
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