The JSE opened firmer on Thursday, as banks and retailers continued to rally on a firmer rand while Brent crude rose to a three-and-a-half year high.The rand hit R11.9171 in overnight trade and was at R11.9323 at the JSE’s opening. A firmer rand reduces consumer inflationary prospects, which was surprisingly lower in March, and might offset some expected pressure from higher VAT and fuel levies in future.The Brent crude price was 0.5% up at $74.16 a barrel soon after the JSE’s opening, boosting commodity prices. The platinum price rose 1.01% to $951.31 an ounce and gold 0.3% to $1,353.30.Oil prices have been supported by declining US crude inventories and as top exporter Saudi Arabia is expected to keep withholding supply to prop up the market, aiming for $100 a barrel before normalising supply, according to reports.Interest-rate sensitive stocks benefited from local data, with consumer inflation in March slowing to its lowest rate in seven years. Retail sales growth data for Februa...
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.