JSE inches higher despite US rout
The Dow slumped on Tuesday, but local stocks are pushing higher, led by banks and retailers, which are tracking rand gains
A mild rand recovery on Tuesday helped lift retailers and banks, putting the JSE on track for its first positive close in three sessions. The rand had weakened to about R14.50/$ overnight, but recovered slightly on Tuesday. The Dow dropped 2.32% on Monday, but Asian markets were mixed on Tuesday. The global mood is cautious, as markets eye looming risk events this week, including US inflation data on Wednesday and Brexit negotiations. Corporate news has also played its part in the JSE’s 5.5% fall over the past three sessions, with British American Tobacco (BAT) crashing 11% on Monday, amid news US regulators were considering banning menthol cigarettes. At 9.50am on Tuesday BAT was up 0.39% at R557.89. At the same time, the all share was up 0.38% to 52,459.6 points and the top 40 added 0.56%. Banks were up 1.59% and food and drug retailers 1.28%. Platinums lost 30.77%. Platinum was up 0.77% to $846.64/oz and gold 0.21% to $1,202.71. Brent crude was 0.91% higher at $69.62 a barrel. Sa...
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