JSE breaks losing streak as miners and rand hedges rally on weaker rand
The JSE all share closed firmer on the last trading day of the first quarter, gaining 1.3%, as banks and retailers rose in risk-on trade following the Reserve Bank’s interest-rate cut on Wednesday.A positive opening on the Dow, as well as upbeat European markets, supported sentiment. It was the first positive close for the all share in six sessions.Global miners and rand hedges were the best performers on the day, with the exception of market heavyweight Naspers. Naspers closed weaker, ending a dismal first quarter for the group, having lost 16% over the period, its worst quarterly performance since 2010.Analysts said the local market was playing catch-up with global markets. The stronger rand had wreaked havoc with rand hedges, and only provided marginal support for locally focused shares due to local political concerns.Usually a stronger rand would provide a boost to the US-dollar value of South African stocks, and so entice foreigners to invest in the local market. But that has n...
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