Johannesburg Stock Exchange. JSE. Picture: Karen Sandison/Independent Newspapers
The JSE All Share index was slightly up on Friday, trading near 75800 points, its highest since late December 2023, tracking its global peers.
Trading Economics said a solid rise in resource-linked stocks (+5.2%) more than offset losses in financials (-1.5%) and industrials (-0.4%).
Traders were still digesting the US Federal Reserve's monetary policy outlook, anticipating higher interest rates for a longer period, yet attention shifted to the US earnings season, starting today with Wall Street's major banks. The JSE was set to post a rise of more than 1% this week.
Meanwhile, the South African rand traded around R18.75 to the dollar on Friday, eliminating gains witnessed earlier in the week.
By 12.25am the rand was 0.05% higher against the dollar at R18.74.
Bianca Botes, a director at Citadel Global, said the currency found support in rising gold prices amidst geopolitical tensions and inflationary concerns, leading investors to trim expectations of interest rate cuts by the Federal Reserve this year.
“However, uncertainties surrounding global interest rate trajectories, domestic economic conditions and the upcoming general elections have all contributed to the rand's volatility, with investors closely monitoring developments for further insights into its trajectory,” she said
BUSINESS REPORT