MARKET WRAP: Rand biggest gainer among emerging markets

“Any signs of wage growth cooling could rekindle speculation over the Fed cutting interest rates — something that will punish the dollar,” research analyst at FXTM Lukman Otunuga, said.

The JSE also had a good day on Friday, with the all share rising 1.01% to 59,335.9 points. Platinum miners led the gains, followed by banks, adding 4.01% and 2.02%, respectively. Food and drug retailers rose by 1.71% with Shoprite leading the gains, adding 3.02% to R180.04. Pick n Pay was up 1.69% to R70.35, Dis-Chem 1.49% to R27.30, Spar 0.94% to R196, and Clicks 1.27% to R201.27.

MTN added 1.74% to R105.30 after it said former deputy finance minister Mcebisi Jonas will take over as chair when Phuthuma Nhleko steps down in December. Nhleko, who served as its CEO from 2002 to 2011, will step down on December 15 “after overseeing an orderly transition of the board, including the establishment of [an] international advisory board”.

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