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MARKET WRAP: JSE pushes above 57,000 points as banks jump

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The JSE closed at a six-month high on optimism on global markets, with local banks faring best after Moody’s opted not to release a report on SA

The JSE pushed higher in broad-based gains on Monday, tracking gains in global markets.

As the JSE closed, the rand had gained 1.27% to R14.1609/$ and 1.42% at R15.8927/€. This benefited banks, who often gain on a firmer rand. The banking index had its best day in four months. Absa said the period saw a deterioration in exports, while local business conditions also remained poor. JSE gains were largely due to a strong showing by local miners as well as Naspers, while locally focused shares continued to be under pressure from poor domestic economic conditions, load-shedding, and policy uncertainty, said Lester Davids, a trading desk analyst at Unum Capital.

 

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