The JSE reversed early gains to close weaker on Friday in line with its global counterparts, indicating the fragility of investor sentiment despite a series of co-ordinated actions by US financial regulators to contain the fallout of the collapse of Silicon Valley Bank .
However, gold shares were the outliers this week as they benefited from the rally in the price of bullion, which has safe-haven characteristics. The yellow metal was also boosted by a weaker dollar, with markets now expecting the US Federal Reserve to raise interest rates by 25 basis points next Wednesday, instead of the 50 basis points that they had initially anticipated.
Transaction Capital shares rebounded 31% to close at R11.50 on Friday, but were down 59% on the week.
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