MARKET WRAP: JSE tracks firmer global markets

The JSE closed higher on Tuesday, tracking world markets as investors digested global political developments.

. The troubled power utility will receive a bailout of R26bn in the 2019/2020 financial year and R33bn for 2020/2021. Soon after the JSE closed, the rand had weakened 0.15% to R13.8803/$, while it had firmed 0.35% to R15.4843/€ and 0.18% to R17.2670/£, having reached its best level to the pound in 11 months during intra-day trade. The euro was 0.47% weaker at $1,1156.

Standard Bank added 1.34% to R192.32, FirstRand 0.92% to R64.97, Absa 0.59% to R169.99, and Nedbank 0.5% to R251.82.Naspers rose 0.68% to R3,492.28 after its Hong Kong subsidiary Tencent earlier gained 0.28%. Kumba Iron Ore fell 2.93% to R475.90 after it said on Tuesday that its shareholders will receive a dividend of R30.79 per share for the six months ended June.

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