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MARKET WRAP: JSE edges higher led by miners

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Rising commodity prices and a slightly weaker rand boosted local miners, but global trade was somewhat subdued ahead of risk events this week

The JSE closed higher on Monday, as a rising oil price and weaker rand gave some support to miners, although this put pressure on banks and general retailers.

The rand was slightly weaker, at R14.12/$ as the JSE closed. The local currency has been boosted recently by a favourable opinion by Moody’s Investors Service on SA’s credit rating, as well as signs of progress in US-China trade talks. At 5pm platinum was up 1% at $910.38/oz and gold 0.37% to $1,299.49. Brent crude had gained 0.54% higher to $70.78 a barrel.Corporate news was light on Monday, and no major results are expected in the week ahead.

 

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