JSE recovers to close firmer as banks and retailers gain on rand
A firmer rand was held in check by a stronger dollar as the European Central Bank re-affirmed its present monetary stance
After opening weaker, the JSE all share closed firmer on Thursday ahead of the Freedom Day long weekend, as banks and general retailers recovered on a turnaround in the rand in intra-day trade.Global sentiment turned risk-on again as company results reported on the Dow on the day mostly exceeded forecasts. The Dow had risen 0.80% soon after the JSE’s close.European markets were positive after the European Central Bank (ECB) kept rates unchanged. ECB president Mario Draghi was cautious in his comments at the subsequent press conference, but re-affirmed the bank’s commitment to keep buying bonds until the end of September, or past that, if necessary.Barclays Research analysts said the ECB made no changes to the forward guidance, while the focus was squarely on the recent moderation of economic activity in the eurozone. "The ECB remains confident about the outlook for growth and inflation, but considers that the soft patch recorded in the first quarter warranted monitoring," they said....
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