Market shrugs off Eskom’s return to loadshedding

JOHANNEBSURG – THE MARKET rallied to an all-time high yesterday as the JSE All Share Index rose more than 1.3 percent to breach the 66 000 points mark and the rand hit a five-week high following optimism over the $1.9 trillion (about R28trln) US fiscal stimulus that fuelled risk-on sentiment and the resumption of the country’s vaccination programme.

The benchmark inched up 1.5 percent to 60 561.38 points at the close of trade, with risk-on sentiment boosted by mining and banking stocks.

The mining index shot up more than 3 percent while banking stocks rallied 1 percent.

Yesterday, Health Minister Dr Zweli Mkhize allayed fears over South Africa’s vaccination programme, saying the campaign for healthcare workers will move ahead with Johnson & Johnson’s Covid-19 vaccine to arrive next week.

Data has shown that the AstraZeneca vaccine, which arrived in South Africa on February 1, offered minimal protection against mild to moderate illness from the dominant local virus variant. The government said it would also open land borders with neighbouring countries next week.