MARKET WRAP: JSE closes firmer as banks and industrials gain on stronger rand
The JSE started the second week of July on a high note as banks and retailers rallied on the day after the rand firmed to its best level against the dollar in more than a month.However, industrials and rand hedges also benefited from improved risk-on sentiment on the day, as Naspers led the way, closing just more than 2% higher.Analysts said global stock markets were buoyed by Friday’s higher close on Wall Street, which came after the nonfarm payrolls report showed more US jobs were created in June than expected and wage inflation remained subdued.The US stock gains came even after Washington implemented tariffs on $34bn in Chinese imports on Friday and Beijing responded with levies to the same value on 545 US goods."The moves were seen as the start of a trade war between the world’s two largest economies," Dow Jones Newswires reported.The Dow was up 1.04% soon after the JSE’s close while European markets shrugged off the resignation of two key UK ministers in the aftermath of Prime...
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