The JSE all share ended Friday lower, but still delivered its best one-week performance in 2018, amid exuberant trade following the election of Cyril Ramaphosa as head of state.

The market found renewed support on Jacob Zuma’s exit, with his leadership having left a disastrous economic legacy, analysts say.

The all share was dragged down by the continued correction in the property sector on Friday, but ended the week 5.76% higher.

It closed 0.69% lower at 59,122.30 points on Friday and the top 40 dropped 0.87%. Property shed 2.6%, food and drug retailers 1.78%, financials 1.18%, banks 1.1% and general retailers 1.04%. Platinums gained 0.87% and the gold index 0.59%.

FirstRand shed 2.22% to R73.68 and Capitec 1.09% to R820.94, but Nedbank rose 0.49% to R292.25. Discovery softened 1.95% to R176.59 and Liberty Holdings 1.79% to R126.39.

Scandal-plagued Steinhoff shed 1.81% to R5.44, and Shoprite relinquished 2.79% to R253.62.

Resilient closed 10.03% lower at R76.25, with the group experiencing added pressure amid reports that it will soon be shuffled out of the top-40 index. Fortress B lost 10.78% to R18.20, Nepi Rockcastle 6.08% to R112.23 and Greenbay 2.17% to R1.35.

Naspers was off 0.18% on the day, to R3,385.46, but gained 13.95% for the week.

The rand was weaker after the JSE’s close, as the dollar regained some lost ground against the euro. The local currency firmed to R11.5604 to the dollar in intra-day trade, but was at R11.6155 by 6.30pm, almost unchanged from Thursday’s close.

The local currency was still poised, however, to record back-to-back weekly gains, after an eventful few days, which culminated in the swearing-in of Ramaphosa.

Local bonds were firmer with the R186 bid at 8.095%, from 8.22%.

Market focus has now shifted to the all-important budget next week with ratings agency Moody’s set to announce the result of its latest review on SA shortly thereafter. The ratings agency still has SA’s credit rating at investment grade, while S&P Global Ratings and Fitch both lowered it to junk in 2017.

The US 10-year treasury was last seen at 2.8567% from 2.9086%.

The top-40 Alsi futures index lost 0.75% to 52‚190 points. The number of contracts traded was 20‚705 from Thursday’s 41‚068.