MARKET WRAP: JSE extends winning streak to fourth week

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The JSE was flat on Friday, but has been boosted this week by dovish global central bank policy, while the rand had its best week in eight months

The JSE closed little changed on Friday, but ended the week firmer, with some equities continuing to benefit from the prospect of global central banks loosening monetary policy in coming months.

Miner’s gains, however, have been partially offset by a firmer rand, which gained 3.36% against the dollar during the week, its best weekly performance in eight months. Shortly after the JSE closed, the rand was 0.23% firmer at R14.3256/$. It reached the week’s best level of R14.19 on Thursday. Naspers fell 1.05% to R3,4413.59. It said earlier that profit fell 39% to R6.9bn in the year to end-March. The market heavyweight also delayed its Amsterdam listing of NewCo, now called Prosus, until September.

 

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