The JSE closed higher on Friday in renewed global risk-on sentiment as markets took the view that the pullbacks earlier in the week may have been overdone. At comfortably above the 54,000-point level the all share closed at its highest so far this year as industrials gained on the weaker rand and miners rebounded on firmer commodity prices in an about-turn from Thursday’s risk-off trade. The platinum price gained 1% to $942 an ounce and gold rose 0.50% to $1,253. Gold was 2% up for the week, its best performance since mid-April. Jitters about Donald Trump’s controversial presidency, more specifically the firing of FBI director James Comey, saw the Dow Jones industrial average experience its worst one-day fall so far this year on Wednesday. The local market saw a recovery in the rand after concern about renewed corruption developments in Brazil had caused emerging-market currencies to fall sharply on Thursday, with the rand down 3% at one point. At the JSE’s close the rand was 1.37% ...
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