The JSE traded firmer at the start of the new week along with global peers as oil prices rebounded on concerns of a tight supply.
Lower output from the Organization of the Petroleum Exporting Countries (Opec) gave oil prices a reprieve, with unrest in Libya and sanctions on Russia outweighing fears of a global recession, reports Business Day.
The All Share Index closed 2.08% up at 67,024.82 points.
With the US markets out due to Independence Day celebrations, there has been little happening in the currency markets today. Both the euro and the pound tracked sideway while the rand hit a low of R16.24/$ but has since moved back into the higher R16.30’s where the local unit opened this morning.
“We can expect the market volatility to pick up tomorrow when the US markets return. This week we do have some event risk lined up, and we start with the Reserve Bank of Australia’s interest rate decision tomorrow,” comments forex trading house TreasuryONE.
Looking ahead there is the release of the federal open market committee minutes from the previous meeting on Wednesday while the latest US non-farm payroll numbers are due out on Friday afternoon.
On the commodity front, copper is trading softer than it was this morning with the metal looking at a new multiple-month low.
Platinum and palladium are down over 0.5% for the day as metals remain under pressure. The yellow metal, which in lament terms is referred to as gold, seems to be finding a base just above $1,800 and could provide some resistance for a sustained break below.
