JSE firms as rand reaches three-year high, with food and drug retailers strongest
The JSE pushed higher on Friday as banks and food and drug retailers gained from easing fears of a credit-ratings downgrade, but the bourse ended the week lower.The rand was at a three-year high to the dollar, finding some support from the prospect of a Cabinet reshuffle this weekend. The reshuffle could mean SA sees the back of some of the more controversial or incompetent ministers.Global sentiment was risk-on, with analysts saying optimism over rising economic growth was outweighing fears of monetary-policy tightening by major international central banks.Locally, the rand firmed, as the market watched for a rumoured Cabinet reshuffle, with analysts saying further credit-ratings downgrades had become unlikely.The tabling of the budget on Wednesday had been broadly supportive of local equities, although the release of minutes of the US Federal Reserve’s latest meeting — also on Wednesday — rattled global equity markets.On Friday, banks, retailers and financial stocks gained on a st...
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