JSE turns negative on Tuesday

JOHANNESBURG, March 27 (Xinhua) -- The Johannesburg Stock Exchange (JSE) closed lower on Tuesday, as a lack of confidence in a number of the market heavyweights took its toll.

Analysts said the stronger South African currency also hit rand hedges, while greater clarity on local political issues was necessary to sustain recent gains among banks and retailers.

British American Tobacco is a rand hedge that has been under pressure in 2018, having lost 21 percent, while Richemont is down 6.3 percent.

The JSE closed 0.22 percent lower at 56,050.79 points and the top 40 lost 0.3 percent.

Banks lost 1.57 percent, the platinum index 1.17 percent, the gold index 1.05 percent, financials 0.67 percent, property 0.52 percent, and food and drug retailers 0.45 percent.

Resources climbed 0.54 percent.

Sasol closed 0.8 percent higher at R390.47.

Richemont tumbled 0.4 percent to R104.75 and Remgro 1.64 percent to R221.31.

FirstRand dropped 3.77 percent to R66.69 in ex-dividend trade and Barclays Africa 1.43 percent to R193.36.

Capitec gained 0.67 percent to R900 in choppy trade. It reported earlier that annual headline earnings per share to end-February rose 18 percent.

Shoprite lost 1.67 percent to R250.73.

Growthpoint added 1.5 percent to R28.51, while Resilient was off 3.41 percent to R50.4 and Nepi Rockcastle 3.01 percent to R116.39.

MTN relinquished 1.52 percent to R118.18. Enditem