JSE closes firmer, buoyed by financials and good news on inflation

JOHANNESBURG, April 18 (Xinhua) -- The Johannesburg Stock Exchange (JSE) closed firmer on Wednesday, supported by positive consumer price index data.

Banks and financials were supported by a better than expected consumer inflation number.

The consumer price index (CPI) rose 3.8 percent in March from a year earlier, the lowest inflation level since February 2011, largely because of decreased fuel and food prices.

The current inflation cycle is also expected to remain within the Reserve Bank's target range of 3 percent to 6 percent.

The South Africa rand was at R11.94 to the dollar.

Retail sales in February also surprised to the upside, growing 4.9 percent year-on-year in February.

The all share index was 1.56 percent higher at 57,713.29 points and the top 40 added 1.69 percent.

Resources were up 0.87 percent; the platinum index had gained 3.88 percent and banks added 2.68 percent.

Food and drug retailers had added 0.07 percent and industrials gained 1.5 percent. Enditem