The JSE extended gains for a second straight session to end the day 1.595 higher on 63,353.05 points as fears of a debt default by China’s property developer Evergrande abated and commodity prices soared.
Palladium led the surge, gaining more than 7% to $2,047.98 at last count, followed by a 6.17% gain that pushed platinum above the $1,000-mark. Gold added 0.22%.
Eastplats (+9.38%), Amplats (+3.30%), Implats (+2.94%), Royal Bafokeng (+3.02%) and Sibanye Stillwater (+2.87%) all gained.
Miners with exposure to iron ore benefited from the surge past $100 a ton, with Anglo American (+ 2.41%), subsidiary Kumba Iron Ore (+0.12%), Exxaro (+1.15%) and BHP (+ 0.57%) all up.
Also gaining from the waning China risks were JSE heavyweights luxury goods retailer Richemont (+1.11%), and tech giants Naspers (+1.18%) and subsidiary Prosus (+ 0.15%).
Sasol, South Africa’s second-biggest producer of greenhouse gases, soared 6.96% on rising oil prices and after the petrochemicals giant adjusted its target for cutting its emissions of climate-warming pollutants to 30% by 2030. It said it aims to have net-zero emissions by 2050. Brent Crude was last changing hands at $75.44 a barrel.
Other top gainers include retailer Massmart (+7.35%) and Investec (+4.58%), while Karooo (-2.22%), Sirius (-1.24%) and Clicks (-1.03%) were among the losers.
In the currency markets, the rand traded sideways ahead of the FOMC meeting tonight. “The expectation is for the Fed to keep interest rates on hold, but more focus will be on whether any further news on tapering will be announced. We have also seen the risks out of China subside a little, with Evergrande stating that they will meet their obligations this time around,” comments TreasuryONE.
Indicators as at 17:00
Currencies
USDZAR 14.7224
EURUSD 1.1731
EURZAR 17.2657
GBPUSD 1.3644
GBPZAR 20.0812
AUDZAR 10.6809
CADZAR 11.5390
CNYZAR 2.2761
ZARJPY 7.4434
CHFZAR 15.9443
USDAOA 613.15
Bonds and equities
R186 7.51%
US 10 Year 1.31%
JSE 1.68%
FTSE 1.49%
S&P 500 -0.29%
Commodities
Gold $1 773.90
Plat $1 002.81
Plad $2 043.91
Rhod $13 390.00
Irid $4 990.00
Ruth $673.00
Copp $9 254.85
Brent $75.46
Iron Ore 62.5% $119.01
Coal API4 $161.50
Gold ZAR R26 112.16
Plat ZAR R14 761.59
Indicators brought to you by TreasuryONE
