MARKET WRAP: JSE closes higher as Naspers continues to rise
The dollar falls after US President Donald Trump said he was ‘not thrilled’ about the Fed’s hawkish stance, while markets await the central bank’s latest meeting minutes
The JSE rebounded on Wednesday to record its best one-day performance in a month as the local market was boosted by Naspers and mining stocks, amid broad-based gains.Naspers closed 3.8% higher at R3,430, pushing its gains for the week to nearly 8%, while Sasol rose 2% to R544.96.Commodities were supported by a stronger Brent crude price, following a drop in US inventories. A potential shortfall from November due to US sanctions on Iran provided a fillip to the oil market. At 6.30pm Brent crude was 2.5% higher at $74.63 a barrel.The Dow was flat at the JSE’s close but was set to record the longest period of uninterrupted gains in American history, according to CNN.The JSE shrugged off a possible trade war between the US and China, and looked ahead to the release of minutes from the US Fed later in the evening.Local consumer inflation for July, released on the day, had little effect on the market, although some analysts believe the data could push the Reserve Bank to hike interest rat...
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