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MARKET WRAP: JSE firms as banking sentiment lifts

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Moves by policymakers and the purchase of most of bankrupt Silicon Valley Bank’s business offer support

The JSE closed firmer on Tuesday in line with the global trend as markets welcomed efforts to halt further turmoil in the banking sector.

Market sentiment improved after news that First Citizens BancShares will buy the bulk of failed Silicon Valley Bank’s business. Bloomberg also reported that deposit outflows from small banks to industry giants such as JPMorgan Chase and Wells Fargo had slowed in recent days...

 

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