JSE records broad-based gains, led by banks
The local bourse was firmer despite new tariff threats by the US against Europe and China, with the weaker dollar proving supportive for local equities
The JSE capped the week with a fourth consecutive day of gains on Friday, as a softer dollar helped ensure some miners and interest rate-sensitive stocks pushed higher. The dollar has wobbled since US President Donald Trump took aim at the US Federal Reserve’s interest-rate increasing cycle on Thursday, an unusual move for a sitting president. Trump reinforced his views on trade in a series of tweets on Friday, accusing the Chinese and the EU of artificially weakening their currencies. Global markets were mixed, with European stocks lower, while Asian markets earlier pushed higher on a falling Chinese yuan. The yuan hit a one-year low against the dollar on Friday after Beijing guided its official exchange rate down by 0.9% to 6.7671 to the dollar, the largest retreat in two years, reported Dow Jones Newswires. The rand was firmer through the course of Friday, boosting banks and financial stocks. Naspers was also higher, tracking gains in Hong Kong-listed Tencent, of which it has a s...
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