MARKET WRAP: JSE pushes higher aided by weaker dollar and Naspers
Monday was a busy day on the JSE, with corporate results and a weaker dollar offering support to miners and banks
A weaker dollar helped boost the JSE on Monday, ahead of what is likely to be a subdued, but risky, week. The greenback was under pressure from dovish US Fed commentary, while issues of trade war and Brexit continue to furnish investors with reasons to be cautious. Rand stability below R14/$ provided impetus for local banks and retail shares, which face the prospect of news of an interest-rate increase on Thursday. The Reserve Bank kept interest rates on hold at its September meeting, in a 4-3 decision. Recent rand gains could be attributed to market expectations of an increase, although the market was hardly convinced of this outcome, and at best, this would be a very close call, said Mercato analysts. With the week containing the US Thanksgiving holiday on Thursday, analysts expect some element of quiet in the market. The all share firmed 0.63% to 52,423.5 points and the top 40 0.74%. Banks gained 1.11%, platinum miners 3.73% and industrials 0.49%. There was a flurry of company ne...
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