The JSE closed slightly weaker on Friday as emerging-market contagion kept investors on the sidelines in thin trade. Banks slumped more than 3% while gold stocks jumped more than 4% on the day. Volumes at the close were just more than R13bn as many investors took a long weekend after the Women’s Day public holiday on Thursday. Trading was dominated by the weak rand, falling 3% at one point to an annual low of R14.15 to the dollar after a sharp retreat in the Turkish lira.
The lira shed 20% in intraday trade after US President Donald Trump tweeted that the US would double tariffs on Turkish steel and aluminium. Umkhulu Consulting analyst Adam Phillips said there was a real danger that further weakness in the lira could wipe out the Turkish banking system. "We have seen a massive movement in the Turkish currency, falling 70% this year," he said...
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