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MARKET WRAP: Rand could be headed for second week of gains

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On the day, however, the JSE closed a little lower as global markets fell after the US Fed chair played down chances of further interest-rate cuts

The rand had its best day in 10 on Thursday as global markets quietened a bit, with the trade-war narrative lowering somewhat in volume. Another day of gains on Friday could see it capping a good fortnight.

Bishop cautioned, however: “The rand’s hiatus will prove to be short-lived if the synchronised global economic slowdown accelerates or, indeed, persists.” His testimony pointed to US rates being kept on hold while the economy is growing, said Peregrine Treasury Solutions corporate treasury manager Bianca Botes in a note.

The JSE all share fell 0.18% to 56,235.9 points and the top 40 0.21%. General retailers added 0.79% and gold miners 0.64%, while the platinum index relinquished 0.82% and resources 0.65%.

 

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