MARKET WRAP: Banks and financials gain despite fall in rand
The all share gained 0.37% and the top 40 0.42% with banks and financials standing out as the biggest contributors
The JSE closed higher on Thursday, with bank and financial shares rising despite a weaker rand. The all share gained 0.37% to 58,743.6 points, and the top 40 0.42%. Banks and financials stood out as the biggest contributors to the gains with the indices adding 1.46% and 1.51%, respectively. Investec Ltd rose 3.3% to R94.36, Absa 2.67% to R168.65, Nedbank 2.42% to R272.50, FirstRand 0.87% to R68.50, and Standard Bank 1.51% to R202. Among financials, Alexander Forbes added 1.66% to R5.52, Liberty 3.51% to R107.13, MMI 3.59% to R18.49, Coronation 2.46% to R52.39, Discovery 3.42% to R148.98, Sanlam 3.28% to R79.01, and Old Mutual 1.26% to R23.28. Gold prices fell after the US Federal Reserve said earlier that it was unlikely to raise interest rates again any time soon. This had a deleterious effect on the sector, with the index slumping 3.4%. Sibanye-Stillwater was the biggest loser, down 6.99% to R12.51. It was followed by Harmony Gold, which fell 5.09% to R23.29 and AngloGold Ashanti ...
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