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

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

The JSE rallied on Friday ahead of Moody’s Investors Service’s pronouncement on SA’s credit rating, expected later in the evening, on renewed trade optimism between the world’s two largest economies.

The JSE all share rose 0.72% to 56,462.6 points while the top 40 was up 0.74%. Platinums gained 1.04% and banks 1.41%, while resources gave up 0.22% and gold miners 0.96%. 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.

 

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