JSE recoups some of the week’s losses, led by banks and retailers
The rand pulls back a little from a four-month low against the dollar, with the JSE posting broad-based gains, while Steinhoff International plummets to an all-time low
The JSE firmed on Thursday, but ended the shortened trading week a little lower, as positive local data and a slightly softer dollar lifted all the bourse’s sub-indices.Global markets have been jittery since Monday, as the dollar jumped along with US treasury yields, leading investors to shy away from risk assets.Local banks were hardest hit, but led the gains on the day, while miners also benefited from the pause in the dollar’s rise. A weaker dollar tends to improve demand for commodities, as it makes them cheaper for those purchasing from other currencies.Oil prices headed towards $75 a barrel, with speculation the US would soon withdraw from a 2015 nuclear deal with Iran.Local data was positive, with the producer price index (PPI) falling to an annual 3.7% in March, from 4.2% in February. This was below consensus expectations of 4%.Food and drug retailers, however, failed to cheer the news of food price deflation — of 1.1% — in March, but March was likely to be the bottom end of...
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