The JSE was firing on all cylinders on Wednesday, tracking the positive momentum on most world markets. Resource shares led the way, thanks to higher commodity prices, complemented by a weaker rand. The price of international benchmark Brent crude touched $61.62 per barrel for first time in more than two years, boosting shares such as Sasol and BHP. The favourable global backdrop encouraged investors to buy recently sold-down retail and financial stocks, even as the prospect of a sovereign credit-rating downgrade hung in the air. S&P Global Ratings and Moody’s are scheduled to announce the results of their latest reviews on the country’s rating later in the month, following the medium-term budget policy statement (MTBPS), which painted a worrying picture of SA’s finances. The all share was up 1.29% to a record 59,741.20 points by midday, as the blue-chip top 40 added 1.35%. All the main indices were higher, mirroring the positive mood from Asia, where Japan’s Nikkei 225 gained a sol...
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