The JSE was firmer on Wednesday morning, due to strong performances from local retailers and Naspers, while miners were under pressure.
Caution prevails in the market ahead of a busy day in terms of political and economic news. The main events include US inflation data, a European Central Bank policy announcement, US Federal Reserve minutes and an EU summit that will address Brexit. Domestic issues are in the back seat, but the SA Chamber of Commerce and Industry’s business confidence index is due at 11.30am.
At 10am the all share was up 0.53% to 58,147 points while the top 40 gained 0.66%. Food and drug retailers had added 1.84%, industrials 1.18% and general retailers 1.05%. Platinums fell 2.49% and gold miners 2.39%.Brent crude was flat at $70.84 a barrel.Rand hedge AB InBev was up 1.48% to R1,232.95 and Richemont 0.91% to R98.76.
Richemont had slumped 3.88% on Monday, after Credit Suisse said it believed its share price was overvalued, as the market underestimated the amount of cash the company needed to put into its businesses.Vodacom had gained 1.3% to R113.45.
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MARKET WRAP: JSE edges higher led by minersRising commodity prices and a slightly weaker rand boosted local miners, but global trade was somewhat subdued ahead of risk events this week
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