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Taking the lead from global markets, the JSE ended Tuesday firmer, boosted by strong performances from industrials, banks, financials and mines. The All Share closed 7.53% higher.
Wall Street opened high on Tuesday on optimism that Washington was getting closer to completing a $2 trillion economic rescue package. At 19h40, the Dow was 8.80% up.
European shares logged their best trading day since 2008 and almost recovered the past week’s losses. The STOXX 600 closed up 8.40%.
Asian markets rallied on Tuesday in light of the US Federal Reserve planning to roll out “a slew of support measures to ease a global cash crunch”. The Hang Seng Index closed 4.46% in the green.
Japanese shares recorded its best daily gain in four years, lifted by positive sentiment around increased buying by the Bank of Japan. The Nikkei closed 7.04% higher.
The local currency made up some ground on Tuesday but has lost over 26% against the dollar in this year. A dollar traded at R17.53 at 19h50.
Bullion performed well on Tuesday, with palladium gaining over 10% intraday, as South Africa, a major producer, prepared for lockdown. An ounce of gold traded at $1 629.98 at 19h40.
Oil prices remained somewhat flat on Tuesday as concerns about demand and the Saudi-Russian price war overshadowed optimism over the possible US economic relief package. At 19h40 a barrel of Brent crude traded at $27.26.
Source: Reuters, Business Day, Trading Economics
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