The JSE pared gains in late trade on Friday as the rand strengthened, putting a damper on dual-listed shares that derive a big chunk of their income in foreign currency. The local currency strengthened by up to 1.5% to the dollar, exerting pressure on the big miners and industrial stocks, but leaving the all share little changed by the close. The benchmark gauge settled 0.06% higher at 54,506.40 points, as the weakness in the big rand-hedge stocks counter-balanced a strong performance from the financial sector, particularly banks. Bargain hunting was possibly the chief catalyst behind the rally in the banking stocks, which have been under pressure since President Jacob Zuma’s controversial Cabinet reshuffle, which removed Pravin Gordhan as finance minister. The banking index added 2.47% in its biggest one-day gain since April 12, though part of the buoyancy emanated from the stronger rand. Local politics was back in focus after Bloomberg reported the ANC would discuss the options of...
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