Markets bet on Biden win ushering in major US stimulus package

JOHANNESBURG – The market firmed on Monday, betting on Joe Biden winning the US presidential election, with the rand strengthening against the dollar on the prospect of a clean sweep by the Democrats.

The rand rose 0.04 percent to R16.31 against the dollar, shrugging off a surge in global coronavirus cases as the market mulled over Biden’s win, which is expected to usher in a significant fiscal stimulus package for the world’s largest economy.

The FTSE/JSE All Share Index rose 1.81 percent to 52 618 points, while the Top40 Index surged 1.94 percent to 48 392 points.

The platinum miners index gained 3.33 percent to 71.4 percent, as Impala Platinum and Anglo American Platinum rose 2.3 percent to R146.06 and 3.88 percent to R1 106, respectively.

The banking index inched 1.49 percent higher to 5 365 points.