MARKET WRAP: JSE higher, led by banks, as market welcomes Cabinet shake-up
The JSE firmed on Tuesday, as locally-focused stocks found support, despite a weaker rand and cautious trade on global markets. The late-night reshuffle of President Cyril Ramaphosa’s Cabinet was broadly welcomed by analysts and lobby groups. Banks, largely dependent on local economic conditions, led the gains on the JSE. While a number of appointments to key positions should assist in improving certainty for investors, a rationalisation of the executive to reduce inefficiency still needed to take place, said Business Unity SA CEO Tanya Cohen. Globally, focus was on monetary policy, as US Federal Reserve chairman Jerome Powell began testifying before Congress. This subdued global markets, while locally, the gold index fell, on a softer precious metal price. Gold is seen as a hedge against loose monetary policy. Platinum miners gave up earlier gains. This followed a German court ruling, on Tuesday afternoon, that paves the way for cities in that country to ban older diesel-fuelled ca...
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