JSE higher in broad-based gains as dollar weakens
A firmer rand is supporting banks and retailers and a weaker dollar miners, as markets eye local producer inflation data and the G20 summit
The JSE pushed higher in broad-based gains on Thursday morning, although market heavyweight Naspers bucked the general trend. The Dow jumped 2.5% on Wednesday after US Federal Reserve chair Jerome Powell delivered a dovish message to the market, saying US interest rates were currently close to neutral level. This put the dollar under some pressure, with the rand gaining about 20c overnight, supporting local banks and retailers. “This is like Christmas come early for the markets! Investors had been growing increasingly nervous of the Fed hiking rates too quickly and stifling economic growth,” said London Capital Group analysts. At 9.30am the all share was up 0.48% at 52,143.2 points and the top 40 0.52%. Banks had gained 1.85%, financials 1.05%, gold miners 2.52% and platinums 2.2%. Local focus is on producer inflation data, due at 11.30am, while focus is then expected to shift to the Group of 20 (G20) meeting in Argentina. There is some optimism progress can be made between the US a...
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