The JSE closed higher on Friday, but lower for the week, with local stocks expected to continue to be battered by trade concerns in coming sessions. A late rand rally resulted in broad-based gains on Friday, following a disappointing US non-farm payrolls report, which weighed on the dollar. The all share gained 1.15% to 57,118 points and the top 40 1.29%. Banks gained 1.58%, and food and drug retailers 1.74%. The local bourse edged 0.08% lower in the week. The rand should give direction to the bank index in the coming week. The sector could also move in concert with corporate earning reports. Absa will release its interim results to end-June on Monday, followed by Nedbank’s full-year results on Tuesday. The former rose 2.37% to R171.26 on Friday. In the prior interim period, it reported normalised headline earnings growth of 7% to R7.7bn. Nedbank lifted 1.6% to R268.27. Locally, data indicating the health of the manufacturing sector for the last month of the second quarter is due on...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.