South African futures were firmer on Tuesday as the JSE all share closed higher in response to the Reserve Bank decision to keep interest rates unchanged. The repo rate remains at 7%, but the Bank said its inflation outlook had deteriorated. Headline inflation was now expected to return to the Bank’s 3%-6% target range in the fourth quarter and average of 6.2% for the year versus the previous forecast of 5.8%. The all share closed 0.57% higher at 53,342 points and the blue-chip top 40 added 0.49%. The platinum index rose 5.25%, resources 1.85% and gold 1.52%. General retailers were up 1.32% and banks shed 0.52%. Spot gold was 0.28% weaker at $1,214.24 an ounce, but platinum rose 1.03% to $990. Brent crude firmed 0.54% to $55.63 a barrel. The Dow Jones industrial average was up 0.17% soon after the JSE’s close. The FTSE 100 had gained 0.20% and Germany’s Dax 0.32%. At 5.45pm, the local near-dated top-40 Alsi futures index had gained 0.61% to 46,875 points, with 23,330 contracts trade...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.