Market Summary: JSE Continues its climb


Market Summary: JSE Continues its climb


Published Date: 2021-11-18 | Source: INCE|Community | Author: Currency Assist

Market Summary: JSE Continues its climb

The JSE Top40 Index extended a rally into a sixth day on Wednesday, trading at the 64,553 level, buoyed by general optimism amid an upbeat earnings season and robust economic data from the world's largest economy, despite concerns over persistent inflationary pressures and expectations of higher interest rates in the near term.

South Africa's inflation was unchanged at 5% in October, as expected, remaining above the 4.5% midpoint of the South African Reserve Bank's monetary policy target range of 3-6% for six consecutive months. A separate report showed retail sales unexpectedly rebounded in September. Traders are now awaiting the outcome of South African Reserve Bank's monetary policy committee meeting on Thursday.

On a negative note, South African state-owned power utility Eskom said that it will implement power cuts once again from today until Saturday morning, citing failures at several of its power stations.

The South African Rand was trading at the 15.48 level against the US Greenback. Support levels are 15.42, 15.26 and 15.02 Resistance at 15.65, 15.79 and 15.94.

Untitled Document
Market Close Rates
15H10 SAST 17.11.2021
USD/ZAR 15.4198 15.5245
EUR/ZAR 17.4672 17.5587
ZAR/JPY 7.3799 7.4404
GBP/ZAR 20.7762 20.8640
AUD/ZAR 11.2406 11.3256
ZAR/CAD 12.2558 12.3900
ZAR/CHF 16.5130 16.7515
NZD/ZAR 10.7920 10.8814

DISCLAIMER: The rates quoted are shown for indicative purposes only.