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MARKET WRAP: JSE gains as weaker rand boosts miners and industrials

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Main gauge of big resource stocks gains 0.63% after rand weakens briefly

The JSE ended higher on Monday as the weaker rand environment supported big miners and industrial stocks, which together account for the lion’s share of the domestic share market.

However, banks, retailers and other domestically-focused shares held up on the day despite the wobbly currency that could ratchet up cost pressures for businesses via imported inflation. The JSE, which largely follows global trends, appears to have lost a bit of momentum so far in February after a flying start in January. The release of US consumer inflation figures for January could potentially determine the short-term direction for global markets.

 

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