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JSE closed higher on Wednesday ahead of the State of the Nation Address where
government is expected to expand on their economic recovery plan. At the
closing bell, the All Share gained 1.52%.
US indices were mixed as concerns over the slow pace of vaccine rollouts overshadowed reports of an increase in consumer prices over the past month.
European markets opened higher on Wednesday with commodity-linked shares and banking stocks doing the heavy lifting.
The Hang Seng index rose 1.91% on Wednesday following the release of data that pointed to a sustained recovery in China’s economy.
The Nikkei looked set to rise above the psychologically important 30 000 points on Wednesday as hopes of a swift global economic recovery persisted.
The rand continued to firm against emerging
market currencies on Wednesday. At 17h30, it traded at R14.67/$,
R20.32/£ and R17.80/€.
Bullion rose to a near one-week high as a weaker dollar and hopes of additional stimulus boosted the metal’s appeal as a hedge against inflation. At 17h45, an ounce of gold traded at $1 837.96.
Brent crude continued its rally on Wednesday supported by supply cuts and optimism that vaccine rollouts will increase demand.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer