MARKET WRAP: JSE logs biggest one-day gain in a month as global markets pull back from brink
The rand and local bonds were well bid too, though the relative strength in the local currency came off a low base
The JSE ended a shortened week on a positive note on Friday, taking its cue from a broad recovery in world equity markets. The all share settled 1.73% higher at 52,444.90 points in its biggest one-day gain in about a month, according to Iress data. Banks and insurance stocks were well supported, as were big industrial groups such as British American Tobacco and Richemont, which have come under massive pressure in recent months. The rand and local bonds were well bid too, though the relative strength in the local currency came off a low base. The rand was last seen up 0.70% to R14.3852 to the dollar. Investors felt more confident to dip back into share markets amid early indications that the recent wholesale sell-off may have run its course, at least in the short-term. Risk assets around the world have endured a rough ride for the better part of 2018, hobbled by a cocktail of factors, including perceptions of slowing global growth and the trade dispute between the US and China. The r...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.