News Formal

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

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 63%

United States News News

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

MARKET WRAP: Ramaphosa relief rally lifts stocks and the randThe banks index performs particularly well, gaining the most in a day since May But blackouts remain
Source: BDliveSA - 🏆 12. / 63 Read more »

MARKET WRAP: Rand off its best levels but expected to firm in early 2023Volatility is the order of the day as volumes thin out ahead of the holidays
Source: BDliveSA - 🏆 12. / 63 Read more »

Business Maverick: US Stocks Climb; Treasuries Drop After BOJ’s Move: Markets WrapUS stocks climbed as shares of major technology companies rose and investors parsed data that showed Federal Reserve tightening is hitting the economy. Treasuries dropped after a sudden hawkish move from the Bank of Japan sent the yen soaring and raised expectations it would join its peers elsewhere in boosting interest rates.
Source: dailymaverick - 🏆 3. / 84 Read more »