MARKET WRAP: JSE ends four-session losing streak as banks and retailers leap
A firmer local currency gave the JSE its direction on Thursday, as a jump by retailers and banks offset losses by rand hedges. The banking index surged 4.84%, its biggest one-day rise this year.The rand was given a boost after statements by three of the world’s most influential central banks on Wednesday and Thursday raised the prospect of prolonged, loose monetary policy.The rand has surprised analysts with its stability so far this week, but volatility is expected to return to the market as the ANC national elective conference gets under way this weekend.Although some of the recent rand gains appear to reflect that the markets may be anticipating a more market-friendly outcome from the conference, this was not to say it had been completely priced in, said Novare Actuaries and Consultants economist Tumisho Grater, referring to a victory by ANC deputy president Cyril Ramaphosa.The all share closed 0.87% higher at 57‚845.60 points and the blue-chip top 40 added 0.68%. Banks rose 4.84...
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