JSE hits four-month high

The JSE pushed to a fourmonth high on Tuesday, but eased off the psychologically important 57,000-point level in the afternoon as the banking index slid.

Banks lost 3% at one point, while general retailers were also under pressure.

Eskom warned it may need to intensify load-shedding to avoid a grid collapse.

Rand hedges fared well, however, while diversified miners extended gains.

Some miners have been boosted by a rising oil price.

The all share rose 0.14% to 56,849.7 points and the top 40 0.17%.

Platinums added 1.43% and the resources index 1.31%. Banks slid 2.59%. Miners have been, by far, the best-performing indices on the JSE so far this year.

The platinum index has surged more than 60% in 2019, lifted by a rising palladium price – which is one of platinum’s sister metals.

Glencore rose 1.93% to R60.67 and Anglo American 1.57% to R381.51.

Sibanye-Stillwater jumped 8.45% to R16.56, amid signs that the strike at its gold operations that began in November could be drawing to a close.

Rand hedge AB InBev gained 2.69% to R1,220 and Richemont 2% to R106.24.

Netcare added 0.78% to R25.80. It said earlier that it had completed its disposal of two hospitals for a total consideration of R124m.

The disposals form part of an agreement related to its acquisition of Akeso Clinics.

On Wednesday, all eyes will be on the US Federal Reserve monetary policy statement.

There will be some domestic data to give markets direction on Wednesday as well, with both retail sales data for January and consumer inflation figures for February on the calendar.