MARKET WRAP: JSE firms ahead of Fed decision
Analysts say US central bank is likely to keep rates on hold as spread of Delta variant prompts renewed fears about fragile global economy
The JSE closed firmer on Wednesday, despite most global equity markets being mixed, as investors awaited the Federal Reserve’s latest monetary policy statement, which is likely to give fresh guidance on the trajectory of US interest rates.
The local bourse was also boosted by strong recoveries in the share prices of index heavyweights Naspers and Prosus, which have suffered in recent days due to China's clampdown on the technology sector. Naspers is invested in Chinese internet giant Tencent via its global investment vehicle, Prosus, both of which plunged after competition authorities there ordered Tencent to stop exclusive music licensing deals. ..