MARKET WRAP: Miners give JSE a lift as gold tests $2,000/oz

The JSE closed firmer on Tuesday, with miners doing the heavy lifting, as Royal Bafokeng Platinum outperformed both the overall market and its sector while commodity prices continue to rise on positive purchasing managers’ index (PMI) data from different countries this week.

“We are seeing stocks drag themselves off their lows at the start of this week, with yesterday’s PMI readings aiding the move,” said Oanda senior market analyst Craig Erlam. “I take these numbers with a pinch of salt until we see how containment efforts during localised spikes are dealt with. That’s not to say they’re not encouraging but, as we’re seeing in the US, the situation can get out of hand quickly again, which will take its toll.”