JSE closes firmer but opening rally loses steam as banks fall on the rand
The JSE closed firmer on Thursday as renewed risk-on trade boosted miners and industrials, while banks lost ground after the rand weakened to just below R13 to the dollar, its worst level in six months.Resources and retailers were the early gainers, and while miners held on to higher levels, retailers shed value toward the close, due to the rand.Slightly upbeat manufacturing data provided some support for local stocks, but the market could not hold on to firmer levels reached on the day as caution remained the watchword following shock GDP data released earlier this week.Total output in the manufacturing sector increased by 1.1% year on year in April, which was slightly higher than the forecast of 1%, following a 1.6% drop in March."The figures were encouraging, and in line with our view that the economy would recover during the year after a disappointing first quarter," Nedbank analysts said. They still expected interest rates to remain unchanged for the rest of this year, before r...
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