JSE all-share ends flat as miners gain on rand, but Steinhoff drops further

THE JSE all-share closed flat yesterday as miners rallied on a weaker rand, while retailers and banks dipped.

The rand weakened more than 1.2% to R13.6892 to the dollar in intraday trade, after the US dollar firmed below the $1.18-level to the euro, on optimism that the tax reform bill will soon be passed by both houses in Congress.

Commodity prices were marginally softer.

Steinhoff had another disastrous day, losing a further 43.21% to R10, amid indications of drawn-out investigations into the firm by regulatory authorities in South Africa, Germany and the US.

Steinhoff is down 86% already this year.

Naspers rebounded on a good showing by Chinese internet company Tencent – of which Naspers own 33% – in Hong Kong trade.

Naspers climbed 2.52% to R3 532.02.

The all-share closed 0.01% up at 58 013.2 points and the blue-chip Top 40 0.16%. The platinum index rose 2.2%, resources 0.93% and the gold index 0.85%.

General retailers fell 1.93%, food and drug retailers 1.4%, banks 1.03% and financial stocks 0.81%.