JSE slips 0.6% as banks get court clarity on rand case

The JSE All Share fell 0.6352% to 109613.16 on July 1, while the Top 40 lost 0.6472% to 101276.41. Banks stayed in focus after a top-court ruling on rand-manipulation allegations involving 4 lenders, Absa, FirstRand, Nedbank and Standard Bank, was reported on June 30 by businesstech.co.za, while Business Day said the same day that South African banks had been cleared. Absa shares also came under pressure after the group forecast modest earnings growth, according to IOL on June 30. In corporate news, Sibanye-Stillwater appointed a new head of investor relations on July 1, according to Mining Weekly, while director Richard Menell bought SBSW shares in the open market, according to Stock Titan. Separately, Nedbank's NCBA takeover cleared 2 regulatory hurdles, COMESA and EACCA, Billionaires.Africa reported on June 29.