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MARKET WRAP: JSE pushes above 56,000 points, led up by platinums

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Pressure on the oil price has provided some support for retailers and banks, with platinum miners leading the gains, amid concern that the metal is entering bubble territory

The JSE closed above 56,000 points for the first time in five months on Tuesday, with only property stocks and gold miners under pressure.

Bloomberg reported that there was increasing concern in the market that palladium was entering bubble territory, as the near $700 gap between it and platinum was unsustainable. The all share gained 0.65% to 56,242.8 points and the top 40 rose 0.66%. Platinums added 3.35%, general retailers 1.91% and food and drug retailers 1.17%.

The data was concerning, but further releases would be required before any determination on SA's growth prospects in 2019 could be made, said Investec chief economist Annabel Bishop. “However, what has become increasingly clear is that economic growth forecasts made at the start of the year for 2019 are at increasing risk of being downgraded,” Bishop said.

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