Johannesburg - The JSE on Friday was in the black for the first time this week, as dual-listed shares traded somewhat higher on the back of a slightly softer rand and external factors which have nothing to do with the beleaguered South African economy.
It was mainly moderate gains by the dual-listed shares in the industrial sector, which was 0.30% stronger, which pushed the overall indices higher. By mid-morning the All-share index was 0.23% up at 52 080 points, while the Top 40 index gained 0.17% to 45 813 points. Before Friday’s gains the All-share index lost almost 3% over the previous seven days.
The dual-listed shares, which earn most of their income in foreign currencies abroad and earn more in rand if the local unit is weak, received some support from the softer rand which traded at R2.93 to the dollar, as the market waits for a credit rating decision by Moody’s later in the day.