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MARKET WRAP: JSE’s six-week winning run comes to an end

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The JSE edged higher on Friday, but ended the week down, with banks faring best on the day after much higher-than-expected US GDP data

The JSE edged slightly higher in a truncated session on Friday, reversing earlier losses after upbeat US data lifted sentiment.

The rand firmed amid an uptick in sentiment, with all eyes on next week’s US Federal Reserve decision. As the JSE closed the rand was up 0.56% to R14.344/$, but was down 2% for the week, its worst performance in two months. Gold was up 0.38% to $1,281.73/oz and platinum 0.39% to $890.52. Brent crude was 1.56% lower at $73.12 a barrel.

Diversified miner Glencore slumped 3.75% to R57.75, amid reports that US authorities were investigating alleged corrupt practices related to its operations in Venezuela, the Democratic Republic of the Congo and Nigeria.

 

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