The JSE traded firmer ahead of the weekend along with global peers with stocks extending gains from the previous trading session following a recent bout of pressure on markets. The local bourse added 1.44% with the All Share Index at 70,485 points.
Trader sentiment improved following the release of the most recent US Federal Reserve minutes, which took a less hawkish tone and indicated that there may be a possibility of interest rate hikes coming to an end later in the year.
In the currency markets, the Rand has settled in the R15.50/$ to R15.80/$ range over the past few days with the local unit potentially consolidating after the April to mid-May sell-off.
“This week the release of the Fed minutes was a non-event providing no new guidance on what the Fed’s plans are for the year with the market already discounting everything after the meeting held earlier in May. The Rand closes the week off on a positive note, with US markets closing positions ahead of the Memorial Day celebrations on Monday,” comments TreasuryONE.
On the commodity front, it was a solid trading day for the sector with metals trading up across the board.
Gold is slightly up but remains stuck in the mid $1,850’s, palladium had the best performance of the day and is currently trading over 2% higher for the day. Platinum is currently trading at $955 while copper is moving closer to the $9,500 mark.
Brent crude is up 0.3% for the day and is trading at $117.70 a barrel.
