MARKET WRAP: Only platinum and gold shine on the JSE
Local banks and miners were pressured by a firmer dollar, while local data was also downbeat
The JSE closed lower on Wednesday, with only platinum and gold miners showing a few signs of life, amid caution on some global markets. US corporate earnings on Tuesday pushed markets in that country to record highs, but domestic equities came under pressure from a firmer dollar. The dollar has reached to a six-week high against the euro, pulling local miners, who benefit from the increased demand for commodities that generally come from a weaker greenback, lower. The all share gave back 0.74% to 59,102.7 points and the top 40 fell 0.75%. Banks lost 2.01%, financials 1.44%, resources 1.16% and food and drug retailers 2.5%. Gold and platinum miners gained 0.42% and 0.21%, respectively. Shortly after the JSE closed, the Dow was mildly positive at 26,664.77 points, while in Europe, the FTSE 100 had fallen 0.74% and the CAC 40 0.3%. Germany’s DAX 30, however, was up 0.51%. Earlier, Japan’s Nikkei fell 0.27% and Hong Kong’s Hang Seng 0.53%. Gold was 0.28% higher at $1,275.91/oz and plat...
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