Rand-hedge shares helped keep the JSE afloat at lunchtime on Tuesday, as global market momentum waned in the wake of the first round of the French presidential election. The all share was up 0.13% to 52,988.3 points, as the industrial sector gained 0.65% due partly to a slightly weaker rand. Banks and retailers were notable losers in line with the currency’s decline. After hitting R12.87/$ on Monday, the rand was back at R13.06/$ at lunchtime on Tuesday. Equity investors around the world started the week on a positive note after pro-EU French presidential candidate Emmanuel Macron beat anti-EU rival Marine le Pen at the weekend, raising hope that the EU bloc would stay intact. "Although the second round of the French election looms, investors are likely to turn their attention to US earnings in the sessions ahead," Momentum SP Reid Securities analysts said. The two French candidates will square off in the final round of the poll on May 7. Europe’s main indices were mixed at midday, ...
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