By Ukumbi Afrika Johannesburg– South African financial markets will be influenced on Thursday by global risk sentiment, movements in commodity prices, and developments in international markets after the rand strengthened in the previous session.
The South African rand gained ground on Wednesday, supported by a weaker U.S. dollar as renewed optimism over a possible peace agreement involving Iran reduced demand for safe-haven assets.
On the Johannesburg Stock Exchange (JSE), the Top-40 Index closed more than 1% higher, reflecting improved investor confidence.
Global Markets
Asian equities paused on Thursday after an artificial intelligence-led rally in the previous session, while oil prices traded within a narrow range as investors assessed the prospects of a peace agreement involving Iran.
Wall Street
U.S. markets ended mixed on Wednesday. The Dow Jones Industrial Average closed at a record high on optimism surrounding Iran peace negotiations, while the Nasdaq slipped for the first time in five sessions after disappointing earnings reactions from SpaceX and AMD.
Gold
Gold prices climbed for a fourth consecutive session, reaching their highest level in seven weeks. The precious metal was supported by a weaker U.S. dollar, lower U.S. Treasury yields, and growing optimism over the reopening of the Strait of Hormuz.
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Source: Reuters
Reporter: Nilutpal Timsina