JSE ends day slightly up as rand reels

THE JSE closed firmer in volatile trade yesterday, following a sharp fall in the rand, which supported rand hedges‚ as retailers and banks retreated in risk-off trade.

Platinum stocks were sharply weaker on a lower metal price.

In a dramatic turnaround‚ the rand slid nearly 3% to the dollar and weakened sharply to the euro and the British pound – a development that usually favours larger industrial stocks that command a big weighting in the all-share index.

Richemont and British American Tobacco were among the randhedge beneficiaries, with Naspers closing at another record high.

Emerging financial markets seem to have borne the brunt of the deterioration in global risk appetite amid growing scrutiny of US President Donald Trump administration’s ties with Russia.

The JSE all-share closed 0.36% higher at 54 197 points and the blue-chip Top 40 0.56%.

Resources climbed 0.64% and industrials 0.55%. Platinum stocks dropped 2.08%‚ general retailers 1.55%‚ food and drug retailers 0.79%‚ and the gold index 0.77%.

Naspers was 1.36% higher at R2 762.