The JSE gained on Friday, joining other world equity markets, as global risk appetite improved.Bargain hunting was also apparent in select stocks, which were pummelled earlier in the week following the release of their trading updates and/or earnings.The all share was up 0.74% to 58,588 points at lunchtime, boosted in part by financial stocks that showed some momentum, as the rand and local bonds held their recent gains.Banks in particular are the best-performing sector on the local share market so far in 2018 with a gain of 9%, outdoing resources and industrials.Optimism that the local economy will turn the corner under President Cyril Ramaphosa has provided a tailwind for the banks, except Capitec, which is yet to fully recover from a critical report by Viceroy Research.Earlier this week, markets breathed a sign of relief when Finance Minister Malusi Gigaba painted a better picture in terms of stabilising the country’s finances.NKC research analysts said in a note that the budget ...
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