In a sharp turnaround, the JSE all share closed firmer on Thursday as banks and industrials gained in risk-on trade after the European Central Bank (ECB) failed to provide further detail on the unwinding of its stimulus programme. The negative sentiment prevalent in intraday JSE trade gave way to support for those sectors which were hit hard earlier in the week, as risk-on sentiment gained traction. It was the all share’s first positive close this week. The market shrugged off disappointing local data, with both mining production numbers and manufacturing data for July coming in weaker than expected, with the main focus falling on the eurozone. The ECB kept rates unchanged, as expected, with president Mario Draghi indicating further detail on the unwinding of its balance sheet could be forthcoming in October or December. The euro immediately gained 1% against the dollar, crossing the $1.20 level again, for the first time since August 29. US treasuries and the yen also gained, with t...
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