MARKET WRAP: JSE closes slightly up as strong opening fizzles out
Miners retreated on a weaker oil price as financials and retailers ended the day mixed, with the rand standing its ground despite a stronger greenback
The JSE all share closed slightly higher on Monday as the market pared earlier gains from Chinese markets, which recorded their best day in three years after last week’s sharp losses. General retailers and industrials led the JSE at the close, while platinums and gold stocks were in the red. The rand was steady at firmer levels against the dollar, despite a firmer greenback, trading at R14.2925 to the dollar from R14.4488. The euro was at $1.1476 from $1.1518. Earlier, Chinese markets rallied for a second consecutive session on expected further stimulatory measures from the Chinese authorities. The Dow was flat at the JSE’s close. European stocks reversed modest gains, led earlier by Italian stocks after a downgrade from Moody’s Investors Service spared that country from a junk rating on its debt, Dow Jones Newswires reported. “Nevertheless, risks remain, from tension surrounding the Khashoggi murder and the ongoing Sino-US trade showdown to Italian budget fears and President Trump’...
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