MARKET WRAP: JSE closes flat as Reserve Bank turns hawkish
Market-pleasing statements from Massmart and Dis-Chem lift retailers, but interest rate-sensitive stocks suffer as the Reserve Bank warns of future hikes
Lower global markets and a hawkish tone from the South African Reserve Bank kept the JSE under pressure on Thursday, although general retailers managed to edge higher, due primarily to gains by Massmart.Trade-war fears returned to the market on Thursday, as US President Donald Trump reiterated his threat of tariffs on European vehicle imports.Locally, a spate of corporate news helped give the local bourse direction, with the key risk event, the Bank’s monetary policy committee (MPC) speech failing to give the rand significant direction.The Bank kept interest rates on hold, but adopted a hawkish tone. Despite this, Capital Economics analysts said the Bank was still unlikely to raise rates in 2019 — something widely expected in the market. "The risks to our non-consensus view are, admittedly, growing," they said.The all share rose 0.07% to 56,276.7 points and the top 40 0.06%. Platinums fell 2.07%, banks 0.7% and gold miners 0.82%. General retailers firmed 0.79%.Diversified miner Glen...
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