JSE closes higher on banks and retailers as market awaits S&P announcement
Globally, risk-averse trade abated somewhat following North Korea’s muted response to Trump canceling the proposed Singapore summit next month
The JSE closed higher on Friday with banks and retailers recovering after being sold off in the previous session, and as the market kept an eye on S&P Global Ratings’s announcement on SA’s creditworthiness later in the evening.No changes are expected to the BB long-term foreign-currency rating, the BB+ long-term local-currency rating, or the stable outlook.Economic prospects, the main reason for the rating downgrades in 2017, have improved, said TreasuryOne dealer Wichard Cilliers. "Despite S&P’s real GDP growth forecast for 2018 doubling to 2%, the fiscal position has yet to strengthen significantly and structural reforms were only just starting." He said, therefore, ratings upgrades or changes in outlook were not expected, yet.Globally, risk-averse trade abated somewhat following North Korea’s muted response to Trump’s canceling of the proposed Singapore summit next month. North Korean officials said in a statement they remained willing "to sit down face-to-face with the US and re...
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