JSE dodges Turkish contagion as miners and industrials gain on weaker rand
Despite the turmoil in Turkey and its resulting global contagion, the JSE started the week on a positive note, as a weaker rand supported miners and industrial stocks.Trading was choppy for much of the day, but accelerated towards the close, resulting in turnover of about R15.6bn.Food and drug retailers fared well, but banks and general retailers closed lower. Platinums were sold off, with the metal price having shed more than 2.5% by the close.The market was supported in late trade by a positive opening on the Dow, while European markets were mixed for most of the day, with the euro staging a comeback after recording sharp losses against the dollar in the previous two sessions.Turkey’s failure to properly address its economic problems, however, remained a drag on the lira’s recovery, with the unveiling of an economic stability plan by finance minister Berat Albayrak having little effect.Turkey is especially vulnerable because of its high level of hard-currency debt, which becomes m...
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