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MARKET WRAP: Rand holds on to gains while JSE gets a lift from precious metals stocks

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Platinum miners buoyed by the stronger metals prices, while yen records its biggest one-day rise since 1998 and medium-term outlook for the rand remains bullish

The JSE and rand were firmer on Wednesday as markets continued to wind down ahead of the Christmas long weekend.

“The leading indicator are thus expected to continue weakening through the months ahead and may eventually add pressure on the Reserve Bank to turn more growth-supportive once inflationary pressures ease,” Sasfin analysts said. The JSE all-share index ended up 1.09% at 73,837 points, with the top 40 rising 1.12%, helped by a 2.35% jump in the precious metals and mining index, a 2.44% advance in resources and 2.42% rise in the industrial metals and mining index. Banks and financials were up 0.65% and 0.81% respectively.

The yen touched a four-month high of 130.58/$ on Tuesday, when it jumped 3.8% in its biggest one-day rise since 1998. The surge was a sign that traders expect the Bank of Japan to further tighten monetary policy in coming meetings, Reuters reported.

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