A strong performance by Naspers and some miners helped keep the JSE flat on Tuesday morning, as a rising oil price and weaker rand put pressure on banks and retailers.
Local equities were also reacting to a slight softening of the rand over the weekend, after it emerged that embattled power monopoly Eskom had received a R17bn bailout from the government. Gold had lost 0.13% to $1,273.15/oz and platinum 0.36% to $895.75. Brent crude was 0.16% higher at $74.22 a barrel.There are few local economic releases this week, but on Thursday, producer inflation numbers — as measured by the annual change in the producer price index — are due.
Consumer confidence may have deteriorated in the first quarter in view of the extensive load-shedding in February and March, as well as fuel price increases and the announcement of a substantial electricity tariff increase for 2019, Investec economist Kamilla Kaplan said. Relatively subdued consumer confidence will continue to manifest in dampened activity in the consumptive sectors of the economy.
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