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

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

The all share gained 1.28% to 55,700.6 points and the top 40 1.35%. Banks rose 3.2%, gold miners 2.65% and financials 2.59%.

Gold was up 0.38% to $1,284.59/oz and platinum 0.14% to $794.81. Brent crude had slipped 1.84% to $68.63 a barrel. 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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