MARKET WRAP: JSE closes higher despite rand slump

The JSE closed higher on Wednesday, getting a boost from global markets, as speculation grows that the US Federal Reserve may soon cut interest rates to boost the US economy.

US Federal Reserve chair Jerome Powell indicated on Tuesday that the Fed is closely watching the trade negotiations between the US and China, which have been blamed for slowing global economic growth. He added that the Fed will “act appropriately” to ensure growth continues. The all share rose 1.01% to 57,073.4 points and the top 40 1.04%. Gold mining led gains, up 4.44%, followed by the platinum index which climbed 3.31%. Resources and industrials gained 1.53% and 1.01%, respectively.

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