MARKET WRAP: JSE closes higher on Friday, but ends week slightly lower
The JSE resumed winning ways on Friday, but ended a choppy week marginally lower, as the market sought direction from an upbeat budget amid a volatile global environment. A well-balanced budget speech on Wednesday supported the market on the day, but risk-off sentiment following a hawkish message from the US Federal Reserve unsettled equity markets on Thursday. Sentiment turned positive on Friday amid speculation that a Cabinet reshuffle by President Cyril Ramaphosa was imminent. Although a reshuffle will present Ramaphosa with the opportunity to remove inefficient ministers, expectations are that he will proceed cautiously, as the newly-elected president seeks to consolidate his authority in the ANC and the government. Banks and retailers jumped on Friday on a stronger rand, while property stocks rebounded somewhat, while Resilient lost further ground. Rand hedges were mixed, with Naspers closing lower, while British American Tobacco regained much of what it lost on Thursday. Plati...
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