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MARKET WRAP: Retailers 3% jump leads JSE above 58,000 points

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Local bourse closes at its best level since September as the rand pushes past the psychologically-important R14/$ level

The local bourse closes at its best level since September as the rand pushes past the psychologically-important R14/$ levelThe JSE pushed higher on Wednesday, closing above 58,000 points for the first time since September 2018, after banks and retailers posted strong gains and the rand pushed past R14/$.

On Wednesday, emerging-market currencies were boosted by expectations of dovish US Federal Reserve minutes, due later in the day. As the JSE closed the rand was 1.16% firmer at R13.9223/$, the best-performing emerging-market currency. Rand hedge Richemont added a marginal 0.05% to R97.92 after a 3.88% fall on Monday, when Credit Suisse said the share was overvalued, citing a need for the company to pour significant amounts of money into its businesses.FirstRand jumped 4.04% to R66.94 and Nedbank 4.55% to R266.62.

Sacci said there are some positive short-term, business-climate indicators, due in part to the government’s efforts to grow the economy, but this does not overshadow the challenges faced in terms of increases in the prices of fuel and electricity, and load-shedding.A summit at which EU leaders will consider a request to delay Brexit until June 30 is set to begin at 7pm SA time.

 

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