MARKET WRAP: JSE closes at record level
Platinum and bank shares rally, pushing the all share beyond 55,000 points, as positive sentiment towards emerging markets grows on the weaker dollar
The JSE closed further into record territory on Thursday as platinum stocks rallied on a firmer metal price, while banks and retailers gained in risk-on trade. Positive sentiment towards emerging markets has grown this year on the weaker dollar and improving local fundamentals. The Dow Jones industrial average was flat shortly after the JSE’s close. European markets turned around in late trade, led by the FTSE 100, following a decision by the Bank of England to keep rates unchanged, resulting in the pound weakening to the dollar. The FTSE 100 was up 0.90% and the CAC 40 0.57%. Banking shares rose following a weak performance from European banks on Wednesday, on disappointing quarterly results from Standard Chartered, Société Générale and Commerzbank. Local retailers recovered from oversold levels amid possible further interest-rate cuts by the Reserve Bank later in the year. The platinum price was 2.08% higher at $963.09 an ounce. Brent crude lifted 0.79% to $52.74 a barrel. The all...
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