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MARKET WRAP: Rand hedges lift the JSE as rand weakens past R14.50/$

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Rand hedges fared well as the local currency fell to a two-month low against the dollar, while global markets were recovering a little

A strong performance by rand hedges helped to lift the JSE on Thursday, as global equity markets recovered a little from a hawkish US Federal Reserve policy statement, which weighed on them on Wednesday.

Focus is now on US economic data, although upbeat economic news was likely to be negative for stock markets as investors try to price in the chances of another Fed cut, said FXTM chief market strategist Hussein Sayed. “A positive performance from some major counters, notably rand hedges, lifted the JSE the most, while platinums slumped as the price of the precious metal fell.

Naspers jumped 3.87% to R3,643, tracking gains in Hong Kong-listed Tencent, of which it holds a sizeable chunk. Tencent has been boosted by news this week that it will work with Qualcomm — the world's largest manufacturer of chips for Android phones — in creating a new gaming phone.Shortly after the JSE closed gold was up 0.23% to $1,415/oz while platinum had slipped 1.98% to $847.60. Brent crude was 0.65% lower at $63.76 a barrel.

 

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