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MARKET WRAP: JSE closes higher and rand firms on repo rate cut

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The Reserve Bank monetary policy committee voted unanimously to cut interest rates by 0.25 percentage points to 6.5%

The JSE closed higher on Thursday as the rand firmed following the Reserve Bank’s decision to cut the repo rate 25 basis points .

Gold was last seen down 0.11% to $1,424.10/oz while platinum had gained 0.21% to $845.61. Brent crude dropped 2.17Shortly after the JSE closed, the Dow had fallen 0.38% to 27,116.51 points. In Europe, the FTSE 100 had fallen 0.45%, France’s CAC 40 0.17%, and Germany’s DAX 30 0.7%. Anglo American fell 0.59% to R378.97. The diversified mining company said on Thursday that production rose by 2% for the quarter to end-June citing the successful ramp-up at Minas-Rio and strong performance at its metallurgical coal project.

South32 fell 1.23% to R28.93, after the miner said on Thursday that it is considering bids for its coal assets in Mpumalanga. inority shareholders declined a mandatory offer by the company’s founder Zak Calisto to buy them out.Richemont rose 0.27% to R120.79, after the luxury goods maker said sales increased by 9% at constant exchange rates for the first quarter ended June.

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