Futures track firmer JSE and Dow recovery
South African futures were higher on Tuesday, in line with the JSE, as the Dow recovered from its sharp fall on Monday.
A stronger rand provided much of the direction during the day, with banks and retailers firmer, while property stocks and rand hedges were under pressure.
The oil price also jumped — which is supportive of some miners — amid rising tension between Saudi Arabia and Iran. The former moved to criticise the nuclear deal with Iran, ahead of a meeting between the Saudi Crown Prince and US President Donald Trump, reported Dow Jones newswires.
Volumes were lower than usual ahead of Human Rights Day on Wednesday, when local markets will be closed.
Global focus is squarely on the US Federal Reserve open market committee announcement, on Wednesday. On Thursday, Statistics SA will release local retail trade sales figures for January.
The all share closed 0.35% higher to 58‚288.9 points and the top 40 added 0.35%. General retailers gained 3.65%‚ banks 0.76%, and industrials 0.74%. The property index fell 1.85%.
At 5.40pm, the Dow was up 0.57%, while in Europe the FTSE 100 had gained 0.48%, the DAX 30 0.46%, and the CAC 40 0.32%.
At the same time, platinum was off 0.84% to $944.17 and gold 0.34% to $1,312.25. Brent crude had gained 2.19% to $67.57.
The top-40 Alsi futures index gained 0.68% to 52,340 points. The number of contracts traded was 14,529 from Monday’s 20,951.