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MARKET WRAP: JSE caps best week since June on global optimism over trade

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The rand has moved to comfortably below the R15/$ level, last trading at R14.74, in its best week since early September

The JSE snapped a three-week losing streak on Friday, as global markets leapt on the news that talks between the US and China over their trade impasse are progressing well.

The rand also enjoyed good gains on Friday, trading more than 2% firmer at R14.7498/$ by 5.35pm. It had also strengthened 1.55% to R16.3102/€ but was flat at R18.7182/£. Gains against the pound were muted as the latter firmed against most other currencies on news that British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar were making progress towards a potential “pathway” to avoid a no-deal Brexit.

The JSE all share rose 0.84% on Friday and the top 40 0.76%. Banks led the way, up 2.54%, with financials adding 2.33%. The gold index slumped 5.13%. Resources added 0.75% with the larger diversified miners performing best. Peregrine Holdings was down 1.23% to R16.87. The company said earlier that it expects its headline earnings per share to decrease between 35% and 45%, to between 45.1c and 57.9c, in the six months to end-September.

 

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