JSE flat as banks gain on positive inflation data while property stocks fall
US and Chinese markets are up despite China’s retaliation to the latest US trade tariffs
The JSE all share was flat on Wednesday morning as rand hedges retreated on a firmer rand. Global markets have shrugged off US President Donald Trump’s latest round of higher tariffs against China. Property stocks were under pressure in early trade, with Growthpoint falling 4.03% to R23.08 on reports that it underpayed for land on the Cape Town Foreshore. Earlier, SBG Securities noted that Growthpoint generated about R145m in income from "nonrecurring sources" to deliver 6.5% dividend growth for the year to end-June. If this were excluded, dividend growth would have been 4%. Property market value leader Nepi Rockcastle lost 3.39% to R131.55. Naspers gained 0.49% to R3,195.37 as Tencent firmed more than 2% in Hong Kong trade. Banks and general retailers gained on positive inflation data, lessening the likelihood that the SA Reserve Bank would hike rates 25 basis points on Thursday, at the conclusion of its monetary policy committee (MPC) meeting. The consumer price index (CPI) rose 4...
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