JSE closes firmer as stronger rand boosts banks and retailers
The local market shakes off emerging-market jitters, as global sentiment turns positive amid signs a trade war between the US and China might be averted
The JSE closed firmer on Tuesday as banks and retailers rose on a firmer rand, while miners and gold shares showed little momentum on the day.The rand firmed to R12.4941 to the dollar from R12.6748, before weakening marginally toward the close.The local market shook off emerging-market (EM) jitters, albeit in low-volume trade. Global sentiment was positive amid indications a trade war between the US and China might be averted, with European markets benefiting from the weaker euro.The FTSE closed at a record high for the second consecutive session, while the Dow was slightly weaker son after opening. "Recent selling of EM assets created a buying opportunity, particularly for equities," BlackRock asset managers said in a note.A wobble across EM assets due to tightening financial conditions and geopolitical tension had tempered enthusiasm for the asset class, it said, "Yet broader fundamentals were robust".The recovery on the JSE occurred amid a worldwide rebalancing of assets after th...
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