Global sentiment improved a little after Monday’s sell-off, supporting both the dollar and the oil price
The JSE firmed on Tuesday, with gains mostly due to a strong performance by rand hedges and diversified miners.
The banking index was weighed down by Capitec on Tuesday, which fell 1.95% to R1,282.05, ahead of its full-year results to end-December on Thursday. The figures, however, suggested that wages did not rise as fast as inflation in the fourth quarter, said FNB economist Siphamandla Mkhwanazi. “With higher taxes in 2019, predominantly due to fiscal drag, combined with an uninspiring employment outlook, which could be made worse by load-shedding, these numbers reinforce our view that households’ disposable incomes will remain under pressure in 2019.
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