MARKET WRAP: Miners lead JSE higher as metal prices remain elevated

The JSE closed higher on Wednesday with miners leading gains, while some global equity markets remained under pressure as concerns about economic growth continue to spook investors.

Soon after the JSE closed, the rand had firmed 0.24% to R18.7666/£, while it had weakened 0.23% to R15.3366/$ and 0.12% to R16.9985/€. The euro was flat at $1.1083. Locally, National Treasury’s plan to boost GDP growth, announced on Tuesday night, was seen as market boosting. Chief economist at Old Mutual Investment Group Johann Els said the plan is “generally positive and should be viewed positively by the markets. The ideas contained in the report are mostly pragmatic, given it is not too ambitious and, at the same time, not overly contentious.”

Dis-Chem Pharmacies rose 0.67% to R20.89. The company said earlier that its retail revenue increased by 12% to R9bn in the five months to end-July.

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