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Despite the rand recording its worst week since February when South Africa was hit by load shedding, the JSE ended the week in the green. At the end of trade, the All Share rose 1.77%.
US markets opened Friday on a high as slower jobs data increased opinions that the US Federal Reserve Bank will cut rates and reports surfaced that the US gave China more time to avoid a tariff hike. Shortly after the JSE closed, the Dow Jones was 1.07% up.
European shares noted their best week since early April on Friday, boosted by a strong performance in Paris and hopes that the central bank could “support global growth with more accommodating policies”. The STOXX 600 closed 0.93% higher.
Chinese and Hong Kong markets were closed on Friday for a public holiday.
The Nikkei ended the week up, based on reports that the US might delay implementing a tariff hike on Mexican goods. At the end of trade, the Nikkei was up 0.53%.
On Friday, the rand breached the R15/$ barrier due to political uncertainty around the South African Reserve Bank’s mandate; it reached levels last seen during Eskom’s level 4 load-shedding in February. However, after the local market closed, it made up ground again. At 17h50, the rand traded at R14.96 against the dollar.
Although steadied, bullion prices inched up on Friday, aiming for its best week since March 2018 thanks to investors seeking a safe-haven amid the US trade disputes. At 17h50, an ounce of spot gold cost $1 343.44.
Oil prices climbed about 2% on Friday on the back of comments that OPEC and other oil producers might extend their output reduction deal. At 17h50, a barrel of Brent crude traded at $63.73.
Source: Reuters, Business Day, Trading Economics
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