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MARKET WRAP: JSE flat as rand retreats slightly

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The local currency gave up some of its recent gains despite Moody’s Investors Service saying that SA’s credit rating was safe for the moment

The JSE closed flat on Tuesday, as gains by some miners were offset by sharp losses for general retailers and banks.

Global markets had rallied strongly at the start of the week, after the release of positive Chinese manufacturing data. Local sentiment continues to be bolstered by a decision by Moody's Investors Service not to release a long-anticipated credit review for SA. Traders said that the government's weekly bond auction was well subscribed, despite an increase in issuance by R450m to R3.3bn.

Volatility in the Turkish lira is also threatening the rand, amid concern over populist policies in that country. Volatility in the lira could affect the rand, due to the effect of sentiment towards emerging markets more generally.

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