SA markets muscle higher

JOHANNESBURG – South African markets muscled higher yesterday with the rand strengthening further powered by gains in gold mining sector stocks following the swearing-in of US President Joe Biden’s administration.

The markets have been on a risk-on mode since US Treasury Secretary nominee Janet Yellen advocated for a large fiscal relief package to mitigate the adverse effects of the Covid-19 pandemic.

The JSE All Share Index rose close to an all-time high of 64 512 points in earlier trade, before settling 0.1 percent higher to 64 174.88 points as interest rates were kept unchanged.

The Top40 Index followed suit and rose 0.19 percent to 58 969 points, boosted by mining and general retailers stocks.

The mining index rose 0.94 percent to 60 878 points while the general retailers index was 0.4 percent higher to 4 769 points.