The JSE opened firmer on Friday in broad-based gains after the rand recovered on a weaker dollar, boosting banks and retailers. Retailers and banks led at the opening, with industrials also higher ahead of the release of Naspers’s annual results to end-March later in the day. The all share was heavily sold off earlier in the week and is heading for a negative weekly showing. The dollar lost ground on disappointing US data, with the Dow closing weaker for the eight consecutive session as technology and media shares gave up the previous day’s gains. After the Dow’s close, the US Federal Reserve released the results of its stress tests results, which included six foreign banks for the first time. All major banks passed the tests. Conditions for emerging markets appear less sanguine ahead of the Turkish election at the weekend, with indications that overall emerging-market growth is likely to slow later in the year. Capital Economics analysts said headwinds to the macroeconomic outlook ...
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