MARKET WRAP: JSE and rand rally ahead of Moody’s decision

JSE heavyweight Naspers was 0.85% higher at R3,332.14 after reaching its best level in about seven months, of R3,363.75, earlier in the day.

Despite trading ex-dividend Old Mutual gained 2.68% to R21.87, after CEO Peter Moyo said in the company’s annual report it was confident it would reach its medium-term targets, despite fragile investor confidence. Despite having weakened significantly through the week, partly because of the Turkish lira’s decline, the rand made something of a comeback on Friday. At 5.05pm, fighting jitters ahead of Moody’s announcement, it had strengthened 0.93% to R14.4733/$. It was up 0.91% to R16.2483/€ and 1.22% to R18.8239/£.

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