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MARKET WRAP: JSE posts broad-based gains, led by banks

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Rand hedges and diversified miners fared well, while banks gained despite a 1% fall in the rand

The JSE pushed higher on Wednesday, in broad-based gains, despite lingering uncertainty over the state of global growth.

The all share rose 0.92% to 56,149.3 points and the top 40 1.06%. Banks gained 1.32% and the resources index 1.1%. Gold miners lost 0.44%.Capitec added 0.64% to R1,290.20, ahead of its results for the year to end-February on Thursday. It expects headline earnings per share to rise between 17% and 20% compared to the prior corresponding period.

Uncertainty over Brexit continues, with the UK parliament expected to conduct a series of votes later, at 9pm SA time, as it attempts to chart a way forward. US-China trade negotiations resume on Thursday, when the Reserve Bank will announce its latest stance on monetary policy.

 

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