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markets ended the day strong, with banks and financials showing stellar
performances of respective 7.75% and 4.82% increases. The All Share closed up
Street opened strong on Wednesday as the three-day tech rout finally came to an
end. Shortly after the JSE closed, the Dow Jones stood 1.87% higher.
markets traded up on Wednesday due to investors keeping an optimistic eye out
for the upcoming European Central Bank (ECB) meeting and AstraZeneca announcing
it will continue its COVID-19 vaccine trials in the coming week. The STOXX
Europe 600 Index ended the day 1.62% in the green.
Hang Seng closed down by 0.63% on Wednesday due to the extended tech selloff on
Wall Street, which led to the IT sector falling 1.61%.
Nikkei ended trade 1.04% lower on Wednesday as investors’ risk-on appetites
eased due to the continued tech rout in the US.
local currency climbed about 2% on Wednesday, recording its biggest one-day
gain in over a week, thanks to an increase in SA business confidence boosting
risk-on trade. At 17h50, the rand traded at R16.63/$, R21.64/£ and R19.65/€.
prices slid on Wednesday as investors awaited the ECB meeting and the US dollar
losing strength. At 17h50, an ounce of spot gold cost $1 904.44.
making up losses on Wednesday, oil price gains were capped due to an increase
in global COVID-19 cases damping hopes of a steady demand recovery. Brent Crude
traded higher at 17h50 at $40.48 per barrel.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer