The JSE traded firmer on Tuesday along with global peers as the UK’s decision to reverse its controversial tax cuts for the wealthiest individuals filtered through the markets.
The local bourse surged 3.25% to leave the All Share Index at 66,313 points while fears of another 75 basis point hike from the US Federal Reserve have also eased slightly as US Treasury yields dropped slightly during Monday’s trade.
In the currency markets, the rand has jumped onto the front foot and is beating back the US dollar. The local unit is currently trading at under R17.65/$ with the dollar down around 0.62% for the day.
On the commodity front, oil prices have risen with expectations that Wednesday’s OPEC+ meeting is expected to see member countries agree to a large cut in production to counter slowing demand.
The price of brent crude is up nearly 3% to $91.93 a barrel while WTI crude also trading nearly 3% higher at $85.66 a barrel.
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