Banks, retailers lead gains as JSE ends firmer

THE JSE firmed yesterday‚ with banks and retailers leading the gains‚ while rand hedges fell in line with a firmer local currency.

A lower-than-expected inflation report for February bolstered retailers‚ while the Reserve Bank’s leading indicator also showed an uptick in the business cycle in January.

The rand firmed after European data disappointed‚ weakening the euro‚ while the local unit also benefited from some political developments.

Banks received a boost as a result‚ but financials fell‚ with Sanlam and Discovery faring worst.

While market euphoria over the election of President Cyril Ramaphosa has faded somewhat and was wobbling ahead of Moody’s announcement on Friday‚ the ratings agency was not likely to downgrade South Africa further‚ Investec economist Annabel Bishop said.

Miners were well supported‚ amid some positive news. This included comments by Mineral Resources Minister Gwede Mantashe that the government was not married to pushing through a controversial new version of the Mining Charter.

The all-share closed 0.35% higher to 58 288.9 points and the Top 40 added 0.35%. General retailers gained 3.65%‚ banks 0.76% and industrials 0.74%. The property index fell 1.85%.

Kumba Iron Ore added 4.27% to R306.71 and Exxaro 3.31% to R110.03.

British American Tobacco slid 2.97% to R669.91 and Anheuser-Busch InBev 1.44% to R1 340.45.

Imperial Holdings gained 3.51% to R249.47 and Super Group 4.05% to R38.50. RMB Holdings gained 3.31% to R83.67. – BusinessLIVE