The JSE pushed higher on Thursday, boosted only briefly by a decision by the Reserve Bank to keep interest rates on hold, while the dollar was under pressure amid various analyst reports. The rand had gained 1.5% against the dollar to R14.4211, shortly after the JSE closed. Most stocks initially reacted favourably to the Reserve Bank’s monetary policy announcement. But banks and retailers gave up earlier gains to close flat or lower, with analysts viewing the tone of the Bank’s message as hawkish. Global focus was on a weakening dollar, while easing concerns about trade conflict helped support most global risk assets. BNP Paribas Asset Management said the dollar could plunge 10% in the next six to nine months, reported Bloomberg. The dollar was also under some strain after Citigroup warned that the worsening trade environment posed a material risk to economic growth in 2019. A weaker dollar supported most local miners, notably platinums. The price of platinum has risen more than 4.1...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.