The JSE opened lower on Friday as the rand weakened sharply through the R13/$-level, driving banking, retail and property stocks lower.Mining and rand hedge shares were up on the softer local currency, which traded at R13.2450 to the dollar soon after the JSE’s opening.Gold shares also rose on a slightly higher gold price at $1,298.70 an ounce.The rand has been on the back foot since the weaker-than-expected GDP data for the first quarter were released earlier in the week, reflecting a contraction of 2.2%. It has lost more than 6% so far against the dollar in 2018.However, Nedbank analyst Mehul Daya said it had nothing to do with politics or economics in SA. "What we are seeing is the unwinding of carry trade, with a dollar liquidity squeeze hitting all emerging markets, vulnerable or not."Sentiment on the JSE was decidedly risk-off towards local stocks, with Naspers also down more than 2% on weak trade in Asian markets. The Nikkei 225 shed 0.56% and the Hang Seng 1.89%.In contrast,...

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