The JSE All Share index rose about 0.2% to close at 75 487 points yesterday, its highest since early January and extending gains for the second session.
Resource-linked stocks and financials were among the top performers, while tech companies, retailers and industrial posted the biggest losses, Trading Economics said.
Meanwhile, the rand at 6.37pm strengthened against the dollar to R18.48, about 0.82% stronger than its previous close.
Bianca Botes, a director at Citadel Global, said the market dynamic remained largely unchanged, with hesitation persisting ahead of key US inflation data and the FOMC minutes, both of which would be released tomorrow.
Botes said oil prices also remained elevated as Middle East ceasefire hopes waned.
“Elevated oil prices are underscoring inflation concerns,” she said.
“Meanwhile, slightly better Chinese data, as seen over the past two weeks, is assisting commodity prices and commodity-driven currencies, like the rand. A hawkish SA Reserve Bank was also assisting the local currency to hold a solid footing as markets evaluate the global rates outlook, ” Botes said.
“It is a quiet day on the data calendar today,” she said.
Annabel Bishop, the chief economist and Investec, said in a rand note yesterday that overall, it was stronger than at the start of March, but slightly volatile as US rate cuts pushed out further.
Markets had been disappointed by the FOMC’s communications from the point of view of being supportive of rate hikes. Instead, chairperson Jerome Powell was dismissive of any short-term need for a cut, which had weakened market hopes.
BUSINESS REPORT