JSE weaker in line with international markets ahead of US rate decision
The JSE was slightly weaker at midday on Tuesday, taking its cue from caution on international markets before the US Fed’s interest-rate decision. An expected increase of 25 basis points has largely been priced in by markets. Standard Bank’s Warrick Butler said investors would try to hedge their positions before the US rate decision. Locally, Stats SA reported a 1.3% year-on-year rise in mining output in January. The two main positive contributors, both contributing 1.2 percentage points, were manganese ore, up 20%, and iron ore, up 7.3%. Manufacturing output figures are due out on Tuesday afternoon. The Dow Jones Industrial Index closed flat at 20‚881.48 points and Asian markets were mixed in the morning. At noon, the JSE all share was 0.06% lower at 51‚825 points and the blue-chip top 40 lost 0.16%. The platinum index led the gainers on the local market, up 1.43%, with the spot price of platinum firming 0.15% to $938.17/oz. Gold mining stocks lifted 0.31% and banks 0.55%, but the ...
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