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The JSE rose on Wednesday, boosted by resources and miners. Moreover, “SA bonds bounced back from record lows after the Reserve Bank announced liquidity measures to ease the effects of the coronavirus in local markets, including a plan to buy government bonds”. Both the All Share and the Top 40 closed 5.17% higher.
US indices extended gains on Wednesday as investors waited for the US Senate, which seemed to near a vote on the $2 trillion economic aid package. At 17h40, the Dow was 2.82% up.
European shares rose
further on Wednesday as investors expected more stimulus measures from key
central banks to counter the impact of COVID-19 on the global economy.
Asian markets logged
gains for a second consecutive session on Wednesday, reaching the highest level
in over a week. The Hang Seng Index closed 3.81% in the green.
While the US gravitated
towards the completion of a stimulus bill, Japanese shares saw their highest
daily increase since 2008 on Wednesday and rose about 18% in the past three sessions. The Nikkei closed 8.04% higher.
The local currency rose slightly on Wednesday for the second day in a row, benefitting from risk-on sentiment. A dollar traded at R17.42 at 17h40.
Palladium neared its best daily gain since 1997 on Wednesday in light of the upcoming South African lockdown, which should dampen supply. An ounce of gold traded at $1 608.47 at 17h40.
prices were down on Wednesday as the US crude stockpile rose in the past week
due to demand dulls and nationwide lockdowns across the globe. At 17h40, a barrel of Brent crude traded at $27.41.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer