MARKET WRAP: JSE closes firmer but miners take a dip

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Global markets were mixed after US Fed officials downplayed the likelihood of a 50-basis-point rate cut at their next meeting

The JSE gained on Wednesday but miners lost some ground after the US Federal Reserve threw cold water on market expectations of aggressive interest-rate cuts in the US.

At 5.50pm, the rand had strengthened 0.83% to R14.2314/$, 0.64% to R16.2075/€, and 0.75% to R18.0753/£. The euro was a 0.17% firmer at $1,1388. The JSE all share rose 0.13% to 58,421.70 points and the top 40 0.24%. Gold miners fell 2.2% and the platinum index 2.43%. Rand hedges closed lower as the rand looked set for its second day of gains against the dollar. British American Tobacco fell 2.3% to R499.17, AB InBev 1.02% to R1,259.15, and Richemont 0.42% to R119.50.

 

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