MARKET WRAP: JSE flat as rand retreats slightly
The local currency gave up some of its recent gains despite Moody’s Investors Service saying that SA’s credit rating was safe for the moment
The JSE closed flat on Tuesday, as gains by some miners were offset by sharp losses for general retailers and banks. There was little to give international markets direction on Tuesday, and investors seemed content about mild profit taking after a 3% jump by the banking index on Monday. On Tuesday the all share closed flat at 57,158 points while the top 40 added 0.14%. Food and drug retailers fell 1.76%, banks 0.97% and gold miners 0.65%. Platinums added 1.04% and the resources index 0.49%. Global markets had rallied strongly at the start of the week, after the release of positive Chinese manufacturing data. Local sentiment continues to be bolstered by a decision by Moody's Investors Service not to release a long-anticipated credit review for SA. Moody's, however, said in a credit opinion earlier on Tuesday that SA's economic and fiscal position put it in line with other countries with a Baa3 rating — the last rung above junk status. “We expect that the government's policies and the...
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