Markets wrap: rand steady near seven-week high, JSE ticks up as gold cools from Wall Street record

South Africa's rand held close to a seven-week high on Friday, last trading around R16.12 to the dollar, having firmed roughly 1.5% over the past month even as gold – a key support for the currency – pulled back overnight from recent strength.

The FTSE/JSE All Share Index was firmer in Friday trade, last around 112,058 points, up roughly 0.51% on the day and continuing a run that has taken the index up more than 12% over the past year. Precious-metal miners remained in focus locally after a strong run in bullion prices through much of the year, even as spot gold slipped about 1.29% overnight to roughly $4,357 an ounce – a sign, according to overnight commentary, that some of the metal's safe-haven premium is unwinding as global yields and equities hold firm.

On the corporate front, Eskom's planned separation of its transmission business from the rest of the utility remains a live issue for local investors, with the state power utility said to be hiring transaction advisers to negotiate the split with its lenders, according to Bloomberg. Government guarantees tie much of Eskom's borrowing to the national budget, meaning bondholders are watching closely for clarity on how the restructuring will affect existing debt.

Global markets

On Wall Street, the S&P 500 closed at a fresh record on Thursday, adding 0.65% to end at 7,798.99 points – its first close above 7,800 – while the Nasdaq Composite gained 0.81% to 26,803.03, lifted by gains in Meta Platforms, Micron Technology and Netflix. The Dow Jones Industrial Average edged up 0.13% to 53,839.99. The US 10-year Treasury yield eased to around 4.647%, while oil prices fell sharply, with Brent crude shedding more than 2% to settle at $87.07 a barrel and US West Texas Intermediate down a similar margin to $81.25, as traders weighed softer demand alongside the ongoing US–Iran conflict.

Asian markets carried that momentum into Friday, with the region on track for a fourth straight week of gains as easing US inflation data reinforced expectations that the Federal Reserve will hold off on further rate hikes. Japan's Nikkei 225 and the broader Topix – which hit a fresh record this week – were both firmer, with technology names including SoftBank Group and Advantest among the biggest gainers. South Korea's Kospi led regional gains for the week, driven by strength in Samsung Electronics and SK Hynix. Hong Kong was the exception, with the Hang Seng slipping around 0.81% as Chinese technology shares came under renewed pressure, Tencent among the laggards following its latest quarterly results.

Sources: Reuters, Bloomberg, Trading Economics, CNBC.