JSE closes higher on softer rand and renewed global market optimism
The JSE closed firmer on Tuesday, extending its gains from midday, as the rand weakened slightly following the ANC’s announcement that, despite President Jacob Zuma having been recalled, no deadline was set for him to vacate his office. "The market impact of today’s news was limited, and we think that Zuma’s exit is now well priced in," Capital Economics analyst John Ashbourne said. While the ANC has not set a deadline, "we doubt that the current limbo will drag past the middle of next week". After hitting a best intra-day level of R11.8751 to the dollar, the rand had fallen to R11.9738 by the JSE’s close, despite a weak dollar environment. The JSE recorded broad-based gains, led by gold stocks and industrials, amid signs that the huge sell-off last week in equity markets may have been an over-reaction. The fact that emerging markets fell together with developed markets, was very unusual, and "may be a signal that the bull market is not over", said Stanlib retail investment director...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.