MARKET WRAP: Rand gains now up to nearly 6% in past month

The rand has capped its longest run of gains against the dollar in 18 months as global stocks rallied, with fresh stimulus measures by the European Central Bank , helping cement the gains as investors sought higher-yielding investments.

Standard Bank trader Warrick Butler said the market had been waiting for the ECB to deliver, which it did in no uncertain terms, “so much so that they have pretty much given the market forward guidance for the next three years with seemingly open-ended intervention through asset purchases ... suffice to say that the euro can now be classified as the funding currency du jour”.

US President Donald Trump said on Thursday that the US and China had agreed to postpone the 25%-30% tariff on $250bn worth of the latter’s imports. Trump said the imposition of the tariffs would be moved from October 1 to October 15 as a “gesture of good will”. On Wednesday, China exempted 16 US products from additional tariffs, a move it affirmed early on Friday.

The JSE also capped a good week, with the all share now up 8.32% for 2019. It lost just more than 11% in 2018.

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