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MARKET WRAP: JSE closes higher, as rand loses earlier gains

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The rand ended its winning streak after better-than-expected US retail sales for June gave the dollar a little more breathing room

The JSE closed marginally higher on Tuesday, with banks and financials leading the gains.

Shortly after the JSE closed, the Dow was flat at 27,376.72 points after closing at a record high on Monday. In Europe, the FTSE 100 rose 0.6%, France’s CAC 40 0.71%, and Germany’s DAX 30 0.42%. “With an expectation of a rate cute on Thursday, we could see a knee-jerk weakening for the rand based on the yield-seeking behaviour of the market at the moment,” TreasuryONE senior currency dealer Andre Botha said in a note.

The JSE all share rose 0.9% to 58,052.70 points and the top 40 0.99%. Banks gained 1.81% and financials 1.28%.

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