The JSE ended slightly lower on Wednesday after a volatile session, as stronger dollar weighed heavy on commodity prices and resource shares. Precious metals and mining shares dropped by more than 4.1%, the biggest drop since November 2022.
The FTSE 100 Index rose above 8,000 points for the first yesterday, boosted by heavyweights such as Shell and British American Tobacco and a weaker sterling.
Chart: FTSE 100 Historical Chart (Source: ThinkTrader Web)
On the economic calendar, SA’s consumer inflation decelerated to an eight month low of 6.9% year-on-year in January from 7.2% in December.
Global diversified miner, Glencore, reported record annual earnings boosted by higher coal prices. Revenue and adjusted operating profits increased by 26% and 60% respectively.
Hospital group, Life Healthcare, also had a strong positive trading day after announcing that it has received several unsolicited offers for its imaging business in the United Kingdom.
Market Moves (15 February 2023)
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