JSE miners likely to continue run on Wednesday
The JSE’s rally on Tuesday — led by a 7.2% surge by Anglo American — looked likely to continue on Wednesday, judging from stock exchanges trading ahead of the local bourse’s opening.
The rise in Anglo along with a 5.8% gain by African Rainbow Minerals, 4.45% by Glencore and 4.16% by BHP Billiton helped the JSE’s resources 10 index close 3.41% higher and the all share index 1.35% higher on Tuesday.
BHP was trading a further 3.35% higher at A$26.21 in Sydney on Wednesday morning.
The miners were boosted by stronger commodity prices, with copper for three months deliver gaining nearly 3% to $5,758/tonne on the London Metals Exchange on Wednesday morning.
Aside from the mining rally, markets were somewhat jittery ahead of a press conference President-elect Donald Trump is scheduled to give 6pm South African time (11am in New York).
Concern that Trump will reiterate his protectionist campaign promises saw mainland China’s Shenzhen Stock Exchange fall 0.78% and Shanghai Stock Exchange fell 0.53%. Hong Kong’s Hang Seng index, however, rose 0.68%.