JSE starts the day firmer as the market keeps an eye on Turkey’s election
The JSE opened firmer on Thursday on mixed Asian trade after the Dow closed in the red for the seventh successive session on Wednesday. The Turkish election at the weekend is likely to cause further volatility in emerging markets, with the rand also likely to be affected. The market reaction to a potential Recep Tayyip Erdogan victory at the weekend is likely not to have been priced into the lira, said FXTM analyst Jameel Ahmad. The lira falling below 5 to the dollar as a result of an Erdogan victory is something that cannot be ruled out, he said. The dollar was at 4.7532 lira on Thursday morning. It has plummeted 25% against the greenback in 2018. Banks and retailers on the JSE rose at the opening, joined by property stocks, while industrials firmed on a weaker rand, hitting R13.7502 to the dollar from R13.6562, before marginally recovering again. The rand was under pressure after the South African Reserve Bank’s quarterly bulletin reflected a current-account deficit of R2.29bn in ...
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