JSE extends gains on firmer global markets

THE JSE tracked firmer global equity markets yesterday‚ posting broad gains‚ while gold miners continued to slide as investors moved off safe havens.

Market focus has shifted to data releases this week‚ notably the US inflation print tomorrow.

The JSE all-share added 0.64% to 56 366.2 points and the blue-chip Top 40 rose 0.69%.

Resources were up 1.52%‚ the platinum index 1.13%‚ general retailers 0.82% and industrials 0.52%. Gold miners fell 0.82% and banks 0.3%. Moody’s warned that the credit quality of South African firms would be constrained next year.

“Policy uncertainties and low GDP growth are making corporates more cautious in terms of domestic investment and expansion‚ limiting their ability to up credit quality over the next 12 to 18 months‚” Moody’s vice-president Dion Bate said.

But most companies were sufficiently well-placed to withstand the pressures, he said.