The JSE opened flat on Friday with a softer bias on weaker resources. The market remains cautious owing to the firmer rand. The JSE has been trading under wait-and-see conditions for most of the year, with the all share gaining a subdued 2.39% since January, as rand hedges softened under the stronger rand. The rand hit another 18-month best level on Thursday, reaching R12.45/$ in overnight trade. Banks and retailers usually benefit from a firmer local currency, but most of the good news may already be factored in. "The rand looks overextended and is diverging from other emerging market’s without any real explanation or economic event," said TreasuryOne currency dealer Andre Botha. Trading on the JSE was also affected by uncertainty surrounding seemingly hawkish views on the future global monetary policy trajectory, with the US Federal Reserve and the European Central Bank (ECB) sending out mildly hawkish signals in March. "The 10-year US treasury yield had its biggest daily decline ...
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