MARKET WRAP: Jump in retailers leads JSE above 58,000 points
The local bourse closes at its best level since September as the rand pushes past the psychologically-important R14/$ level
The JSE pushed higher on Wednesday, closing above 58,000 points for the first time since September 2018, after banks and retailers posted strong gains and the rand pushed past R14/$. Global markets were mixed and trade rather cautious, but the local currency has found favour since Moody’s Investors Service delivered a somewhat upbeat opinion on SA holding on to its current investment-grade credit rating. Analysts have warned, however, that volatility may pick up ahead of the May 8 general elections. On Wednesday, emerging-market currencies were boosted by expectations of dovish US Federal Reserve minutes, due later in the day. As the JSE closed the rand was 1.16% firmer at R13.9223/$, the best-performing emerging-market currency. Gold and platinum miners, however, were under pressure, with Sibanye-Stillwater leading the losses. It closed 17.65% lower at R14 after saying earlier it had raised R1.7bn in a share placement, as it seeks to build capital ahead of what may be a damaging s...
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