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MARKET WRAP: JSE reverses course amid conflicting signals

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Investors are torn between better-than-expected Big Tech earnings and fears of further pain in the US banking sector

The JSE reversed course on Wednesday, closing marginally firmer as better-than-expected quarterly earnings results from Microsoft and Alphabet, and fresh US banking sector jitters jostled for investors’ attention.

Alphabet, Google’s parent company, also beat expectations on sales and earnings, and announced it would step up its share buyback programme to $70bn. First Republic is in the spotlight as investors fear it could face the same fate as Silicon Valley Bank and Signature Bank, whose closures set off an industry crisis in March, according to Bloomberg. Its shares have collapsed more than 93% in the year to date.” said Oanda senior market analyst Craig Erlam.

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