MARKET WRAP: JSE falls on retailers and banks as miners gain
All share pares losses towards the close but property stocks remain under pressure on Hyprop management change
The JSE closed weaker on Tuesday as retailers and banks retreated on a falling rand, while miners gained as Brent crude hit $85 a barrel. The all share was lower for most of the day, but pared losses towards the close. Mining stocks were the star performers on the day, with Brent crude last trading at $84.78 a barrel. The gold price had risen 1.4% to $1,204.20 an ounce and platinum 1.2% to $833.81. Oil prices rose on the expected boost to the global economy following the trade agreement between the US, Mexico and Canada. The rise in oil prices comes as SA grapples with the political implications of increasing fuel costs, with multiple calls for the government to reduce the fuel levy, which presently constitutes about a third of the price at the pump. The euro lost ground in renewed jitters around developments in Italy. Yields on Italian government debt continued to rise amid concern that the country's populist government is on a collision course with the EU over budget targets, Dow...
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