MARKET WRAP: JSE ends higher, led by banks, as investors digest the new cabinet

The JSE closed higher on Thursday, led by banks and retailers, as global equities found buyers after their recent sell-off.

“Overall we see the new cabinet as modestly positive, supporting our view that SA’s prospects are gradually improving as Ramaphosa’s leadership steadily delivers better governance,” said Old Mutual conservative fund manager John Orford. “This should support SA assets, including the currency. However, we still need to see more delivery; delivery of policy certainty, fiscal prudence and a robust turnaround strategy for Eskom in the near future.

Shortly after the JSE closed the Dow was up 0.2% to 25,175.8 points; in Europe, the FTSE 100 had gained 0.67%, the CAC 40 0.63% and the DAX 0.62%. Despite this rise, both consumer and producer inflation are expected to remain relatively contained for the remainder of this year, said Nedbank Group economic unit analysts. This, against the backdrop of a weak economy, should be sufficient to convince the Reserve Bank to leave interest rates on hold for an extended period, they said.Nampak gained 3.41% to R10.60, despite the company reporting that its revenue fell 4% to R8.5bn for the six months ended-March.

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