JSE could extend its winning streak in line with global markets
The JSE could trade higher on Wednesday, taking its lead from its counterparts in Asia, where both Japan’s Nikkei 225 and Australia’s ASX 200 rose about 1%.
However, the local share market was also susceptible to a short-term pullback after two days of solid gains, which left the benchmark index close to record territory.
The JSE all share index (Alsi) has been relatively resilient over the past month, despite bouts of volatility, sparked by market angst over the pace of the potential increases in US interest rates.
The Alsi wrapped up January with a gain of just less than 1%, while the S&P 500 and tech-heavy Nasdaq had their worst month since the global financial crisis in 2008-2009.
Resources in particular did the heavy lifting, along with individual stocks within the industrial sector such as MTN and Richemont.
Elsewhere, the rand was steady against the dollar at R15.26/$, much better than the start of the week when it traded at about R15.50.
Brent crude held steady at $89.42 a barrel before the meeting of the oil cartel Opec and its allies on Wednesday to decide on output.
Other commodities were patchy, with palladium flat at $2,363/oz, but up 25% since the start of 2022.
Source: businesslive.co.za
