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MARKET WRAP: JSE flat as banks offset gains in iron-ore miners

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Local and international data on the day was positive, but BHP and Kumba Iron Ore slump, the former after a downbeat production report

The JSE was little changed on Wednesday, as losses by mining stocks offset gains in most other indices.

Diversified miner BHP fell 3.03% to R339.48, having said earlier it had lowered its production forecasts for iron ore, as it grapples with a hurricane that hit Western Australia in March. Locally, inflation came in better than expected, rising only 4.5% in March year-on-year compared with the 4.6% expected by the market.

Rand hedge AB InBev fell 1.09% to R1,243.32 and British American Tobacco 1.29% to R566.70. Richemont added 1.96% to R104.66. Mediclinic gained 5.53% to R59.52. It said earlier that in constant currency terms group revenue had risen 3.5% in the year to end-March.

 

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