JSE gains as banks rally on firmer rand and global risk-on sentiment

The weaker dollar supported commodity prices and oil. Brent crude rose 0.41% to $78.91 a barrel.

FxPro analysts said the main reason behind the current rally in emerging-market currencies was the less stringent than expected tariffs on imports from the US and China.

However, they cautioned there was still no meaningful data that reflected the real effect on the economy. “It is necessary to remain cautious about further prospects of the growth in the market,” they said.

The rand was also supported by the Reserve Bank’s forward view on interest rates after the Bank’s monetary policy committee kept rates on hold on Thursday.

While taking a hawkish forward view, the committee mentioned that domestic growth had weakened further, strengthening a view in the market that it is unlikely that rates will rise in the next few months.

At 9.46am the all share was 0.59% higher at 56,879.30 points and the top 40 rose 0.68%. Banks rose 1.16%, platinums 1%, resources 0.79%, financials 0.56% and industrials 0.54%. The gold index slipped 0.66%, and food and drug retailers 0.41%.

Anglo American rebounded 2.2% to R329.41.

Sibanye-Stillwater lost 3.3% to R9.09.

Lonmin was 4.14% lower at R8.11.

Nedbank rose 1.45% to R263.78, Standard Bank 1.24% to R181.25 and Absa 1.15% to R152.11.

Clicks slipped 1.58% to R178.63. The group announced on Friday morning that Clicks Group CEO David Kneale would retire after 13 years at the helm of the retail and healthcare group.

Growthpoint recovered 0.91% to R23.20.

MTN added 0.27% to R78.38.

Naspers rose 1.175 to R3,215.