MARKET WRAP: JSE lower but banks shine as rand ends week on a high note

The JSE closed weaker on Friday as markets continue to be affected by the rising Covid-19 numbers both in the US and globally, even as economic data remains somewhat positive.

US jobless claims for last week were better than expected, helping to lift sentiment regarding the outlook for the world’s largest economy. However, record spikes of Covid-19 infections in Hong Kong and Tokyo have fuelled fears of a second wave hitting Asia; while the number of cases in the US continues to be worrying.