MARKET WRAP: Miners keep JSE lower as Sasol plunges almost 13%
Markets have been watching closely for signs that President Cyril Ramaphosa's cabinet will take a tough stance on corruption
The JSE fell on Wednesday as mostly negative corporate news weighed on the local bourse. However, positive local economic and political news took some risk out of domestic risk assets. The rand firmed a little after a number of ANC officials reportedly declined to be deployed to state positions until cleared of allegations of impropriety against them, notably the party's deputy president, David Mabuza. Markets have been watching closely for signs that President Cyril Ramaphosa's cabinet will take a tough stance on corruption and financial mismanagement, analysts say, and the withdrawal of individuals with serious allegations of misconduct against them is being viewed positively. Economic news was also good, with inflation slowing to 4.4% year on year in April, slightly below market expectations. Corporate news was a little less positive, with Sasol slumping 12.99% to R375, after saying earlier its Lake Charles project in the US may cost $1.1bn more than previously expected. The ran...
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