The JSE firmed on Wednesday along with global peers as investors focused on US consumer inflation numbers, which came in at 8.3% year-on-year, slightly higher than the expected 8.1% YoY.
The All Share Index closed at 68,416 points, adding 2.16% with the Top 40 adding 2.36% at 61,786 points.
In the currency markets, the rand traded sideways for most of the day with some volatility expected after the US CPI numbers were released.
“After the CPI number did surprised to the top side, we saw the Rand knee-jerked along with the US dollar as the Rand touched R16.17 post the CPI release,” comments TreasuryONE.
The forex trading house added, “Since then, the market has calmed down, and we are back to levels before the CPI print, with the rand currently looking settled at R16.04/$. We still believe that the rand is overextended, and with the swiftness of the knee-jerk following the release of the CPI number, we think that the Rand could end the week on the front foot.”
On the commodity front, precious metals closed on the front foot, except for palladium, which is trading 1.3% down at $2,040 per ounce.
“Platinum is editing toward $1,000 per ounce and trading at $994, while gold is holding firm at $1,851. Brent crude is over 4% higher on the day and trading at $107 per barrel after briefly looking like it wants to break below $100 a barrel in early morning trade.”
