Banks, retailers claw back

THE JSE closed marginally firmer yesterday in volatile trade as banks and general retailers recouped some earlier losses in the late afternoon on a firmer rand.

Industrials, food and drug retailers as well as property stocks supported the market, while general retailers were lower. Resources and platinums were weakened by the stronger rand.

Banks were under pressure following the decision by the Competition Commission to prosecute 16 banks for colluding to fix prices. But they recovered toward the close amid indications any fines would not have a material affect on earnings.

The all-share closed 0.19% higher at 52 586.40 points and the blue-chip top-40 added 0.16%.

At 3.41pm the rand was trading at R12.97/$ from R12.92/$.

It was at R13.80/ from R13.69/ and at R16.21/£ from R16.09/£. — TMG