JSE firmer as investors digest developments in Russia-Ukraine crisis
The JSE was firmer on Wednesday morning, while its global peers were mixed as investors await developments in the Russia-Ukraine conflict.
Local focus will be on finance minister Enoch Godongwana’s budget maiden speech.
Equity markets are mixed after the US and Europe imposed new sanctions on Russia after it formally recognised two breakaway provinces of Ukraine and started moving peacekeeping military equipment into them. Markets have breathed a sigh of relief that the sanctions were not more sweeping and aggressive.
“The West has imposed strong sanctions against Russia in response to Moscow’s moves in Ukraine, and markets now await further developments,” said TreasuryONE currency strategist Andre Cilliers. “Minister Enoch Godongwana’s maiden budget speech later today. Analysts are expecting a reasonably positive address.”
At 10.10am, the JSE all share had gained 0.71% to 72,831.34 points and the top 40 0.76%. Precious metals gained 1.05%, industrial metals 0.69%, resources 0.95%, financials 0.43% and banks 0.3%.
Earlier in Asia, the Shanghai Composite added 0.66%, while Japan’s Nikkei lost 0.44%. Hong Kong’s Hang Seng was little changed.
At 10.45am, the rand had strengthened 0.26% to R15.0149/$, while it was little changed at R17.0322/€ and R20.4416/£. The euro was 0.15% firmer at $1.1343.
Gold lost 0.15% to $1,895.54/oz, while platinum gained 0.76% to $1,085.5. Brent crude was 0.31% weaker at $96.34 a barrel.
Source: businesslive.co.za
