The JSE all share opened weaker on Friday in cautious trade as risk-off trade dominated sentiment.A weaker Naspers dragged the market down, but MTN recovered somewhat after plunging 19.4% on Thursday following renewed claims by the Nigerian central bank against the company.Standard Bank, against which similar claims have been made, remained weaker.The market was looking for direction from the rand, having weakened more than 3% against the dollar in the week. The local currency was steady at R14.72 to the dollar, having stabilised in overnight trade following some marginal recovery in the Turkish lira.The rand found some support after ratings agency S&P Global Ratings suggested that it was unlikely to downgrade SA. It has recently downgraded Turkey’s sovereign credit rating The International Monetary Fund also gave its full backing to President Cyril Ramaphosa’s land reform plan, as long as the process was transparent and based on the constitution.However, the outlook for the local c...
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