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S. African stocks up amid positive reaction to budget speech

Xinhua,February 22, 2018 Adjust font size:

JOHANNESBURG, Feb.21 (Xinhua) -- The Johannesburg Stock Exchange (JSE) closed higher on Wednesday, signaling some thumbs up to the maiden budget speech by South Africa's finance minister, Malusi Gigaba.

The finance minister outlined deep cuts in government spending while increasing personal income tax rates and value-added tax (VAT).

The local unit firmed against major global currencies after Gigaba promised to protect the integrity of the fiscus, announcing R85.7bn in spending cuts over the next three years.

The government had made "significant changes" to the fiscal framework, hiking VAT and cutting expenditure to reduce the deficit to 3.5 percent by the 2020-21 financial year, Gigaba said. "These fiscal proposals will cause discomfort, but are necessary to protect the integrity of the fiscus."

The local unit traded at R11.65 to the dollar from Tuesday's R11.73, R14.35 to the euro from R14.47, and at R16.26 to the pound from R16.41.

The JSE all share closed up 1.17 percent at 58,605.97 points, while the top 40 edged up 1.39 percent.

Diversified miner Assore gained 11.74 percent to R328.63, after raising its interim dividend 67 percent to R1 per share. Enditem

 

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