MARKET WRAP: JSE flat after Tito Mboweni appointment, while rand jumps 30c
The local bourse pares losses to close flat after the news, with Naspers offsetting broad-based gains
The JSE was little changed on Tuesday, with a poor performance from Naspers weighing on the bourse, despite a strong showing by banks and miners. Local market focus was squarely on the future of former finance minister Nhlanhla Nene, as rumours did the rounds as to his possible replacement after it emerged he lied about previous meetings with the controversial Gupta family. The rand weakened past R15 to the dollar for the first time in three weeks, putting pressure on interest rate-sensitive shares, although miners fared well. The rand, however, jumped in the afternoon as speculation mounted that former Reserve Bank governor Tito Mboweni would replace Nene.
Following the news, banks and retailers reversed earlier losses to close higher, as the rand firmed bout 30c to the dollar. The all share fell 0.06% to 54,187.8 points, while the top 40 lost 0.15%. Gold miners gained 3.22% and banks 1.19%. Industrials fell 0.71%. Naspers fell 1.53% to R2,840.77, tracking losses in Hong Kong...
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