JSE closes higher as banks and financials gain while Naspers wilts
Companies with a local focus find support from risk-on sentiment emanating from Japan’s continued loose policies, while soft US data weakens the dollar
The JSE closed firmer on Tuesday as a stronger rand boosted banking, financial and retail stocks, while Naspers ended lower for a second consecutive day.Among the major indices, general retailers fared best, followed by resources and banks. Naspers ended the day 2.2% weaker at R3,242.In a day dominated by global developments, shares in companies with a focus on the local economy found support through risk-on sentiment emanating from Japan again committing itself to its ultra-loose monetary policies.Crucial US personal expenditure data came in at an unchanged 1.9% in June. A number of above 2% would have invited a hawkish response from the Fed, and boosted the dollar.The rand reached a best level of R13.0797 on the day, in line with mostly positive emerging markets, with the exception of the Turkish lira, which weakened 0.6% to nearly five to the dollar. "As global trade tensions eased and investors once again sought yield in emerging markets, the rand enjoyed some respite for the ti...
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