The JSE bounced back on Wednesday after three days of losses as the rand firmed and Asian markets rose, despite a weak closing on the Dow. Banks were the early leaders, while industrials gained on a upbeat opening from market heavyweight Naspers. The rand firmed through the R13.70 level to the dollar on Wednesday, despite the euro remaining on the backfoot against the dollar, failing to gain traction above $1.16. The rand was supported by slightly improved local consumer inflation data, coming in at 4.4% in May from 4.5% in the previous month. Traders said sentiment was fragile with mostly bargain-hunters entering the market after US President Donald Trump indicated he would identify a new list of $200bn in Chinese goods that would be penalised with tariffs. The details of the Trump administration’s threat to step up its trade conflict with China were not yet clear, Capital Economics analysts said. "But one notable feature is that the market fallout for the emerging world has been g...
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