MARKET WRAP: Upbeat Chinese economic outlook helps JSE to record levels
The JSE firmed on Friday, despite low trading volumes, as the rand gained on the dollar following a few global data releases. Positive Chinese data helped lift Asian equity markets, and supported local miners, while rand hedges fared the worst on the local bourse. The only blip during the week was Thursday, when the JSE ended a nine-session winning streak. Banks and insurance stocks were mixed despite the stronger rand, which extended its gains after a lower-than-expected US consumer inflation print. Banks, in particular, had a good week, with the index gaining more 4%. FirstRand‚ however‚ weighed on the index on the day‚ dropping 1.89% to R53.35‚ after reporting that it was considering acquiring the entire share capital of UK lender Aldermore. The all share added 0.22% to 57‚878.60 points‚ while the top 40 gained 0.19%. The former added 1.13% this week. The property index added 1%‚ platinums 0.9%‚ resources 0.67% and financials 0.47%. Gold miners lost 0.45% and food and drug retail...
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