JSE opens higher as global gloom lifts a little
Local banks, financials and retailers found favour amid a weaker Dow but Naspers remains on the back foot, extending losses for the year to over 26%
The JSE all share started the week on a positive note as the market shrugged off a weak close on the Dow on Friday, on optimism that data and earnings set to be released in the week could exceed expectations. Banks, financials and retailers were early movers on a steady rand at about R14.55 to the dollar, as well as from oversold levels, but Naspers was still under pressure, losing 1.3% to R2,525.80, extending losses in 2018 to 26.6%. Local miners were also higher as Brent crude slipped 0.71% to $77.11 a barrel. In the US, a tumultuous week for markets around the world ended with a rocky Friday session, putting the S&P 500 on the cusp of correction territory as investors continued an October retreat from risky assets. As stocks tumbled in early trading, the benchmark stock index fell nearly 3% to breach the level that would place it 10% below September's record. But as was the case for much of a whirlwind week marked by intraday dips and sharp rebounds, stocks stabilised, before sli...
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