JSE ends higher ahead of public holidays

The Johannesburg Stock Exchange (JSE) ended higher ahead of a public holiday (Freedom Day) on Tuesday as the rand was little changed, a pattern that reflected in other currency pairs ahead of the US Federal Reserve's policy meeting.

"The dreary rand outlook also reflects the global environment - international markets are in wait-and-see mode in front of the Fed," Rand Merchant Bank analyst John Cairns said.

The rand has steadily lost ground since hitting R14.16 to dollar last week. Commodity prices, which have helped spur the rand's recent rally, have also been subdued this week.

Mr Cairns said the release of U.S. durable goods data this afternoon "created some event risk but the market's response will probably be repressed by the Fed-induced restraint".

The U.S. Fed, which is widely expected to keep interest rates on hold, wraps up its two-day meeting on Wednesday. The markets will closely watch its future path on rates.

THE JSE bounced around in early afternoon trade on Tuesday, lacking fresh catalysts to pull it in either direction.

Just after midday the all share index was flat at 52,968.40 points with the top 40 index similarly lacking direction, partly because of a public holiday on Wednesday. Gold miners, however, dropped 2 percent despite a relatively steady gold price.

Momentum SP Reid Securities said short-term market performance would hinge on first-quarter earnings in the U.S., global oil prices and the U.S. Federal Reserve's comments on interest rates.

In the meantime, European share markets were moderately higher at midday, with UK FTSE 100 having added 0.42 percent, while earlier, Asian markets ended mixed.

Among some individual shares on the JSE, Glencore was off 1.35 percent at R32.15, with Exxaro losing 2.23 percent to R86.92 and AngloGold dropping 2.41 percent to R210.60. Endit