South African markets opened the week with renewed optimism as improving local business activity, easing oil prices and a stronger rand supported investor confidence, although mining stocks continued to face pressure.
South African financial markets entered the new week on a stronger footing as easing geopolitical tensions, improving local business activity and a firmer rand boosted investor confidence, even as mining shares continued to weigh on broader market performance.
The JSE All Share Index closed Friday up 1% at 111 507.30, supported by gains in technology, platinum and gold mining shares, telecommunications companies and an improving domestic economic backdrop.
South Africa's S&P Global Purchasing Managers' Index returned to expansion territory in June, rising to 50.5 from 49.6 in May, providing a modest but encouraging signal that business conditions are stabilising after recent weakness.
Anchor Capital noted that one of the biggest developments supporting global markets has been the reopening of shipping through the Strait of Hormuz.
