The JSE ignored CPI data that came in slightly higher than market expectations and continued to gather momentum by midday on Wednesday on news that power had been restored to the mining industry. December CPI came in at 9% year-on-year, while the market expected 8,9%, and CPIX came in at 8,6%, against the expected 8,5%.
The JSE was firm at midday on Wednesday, driven higher by sharply stronger banks and financial stocks. By noon, the all-share index had collected 0,49% as banks and financials advanced 3,07% and 2,30% respectively. The platinum mining index recovered 0,94% and resources edged up 0,12%.
Good buying interest was seen across the board on the JSE on Thursday and by midday the all-share index was up 224 points, with one trader speculating that it could close above the 30 000 level. A trader said the JSE was approaching its all-time high of 30 046,3, reached on Tuesday.
The JSE had given up most of its early gains by midday on Tuesday, but was still in positive territory as resources and the platinum mining index tried to lift the local bourse. By noon, the JSE's all-share index had added 0,18%. The platinum mining index had firmed 1,93% and resources rose 0,69%.
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