Global markets are taking a slight breather from the equities rally witnessed in recent weeks, with Japanese and European markets seen suffering some losses on Wednesday.
The local All Share Index is bucking the trend, up in positive territory, with financial counters lending support.
It’s gained over 1.3% during the trading session.
The local currency has continued its firming trend, touching 11.94 against the US dollar.
While most markets were cooler on Wednesday, the general global equities trend has been a positive.
The local currency dipped below R12.00 against the US dollar, a level not seen since 2015.
Analysts are attributing the strength to a generally weaker dollar, with some of them also putting it down to local circumstances.
However, Finance Minister Malusi Gigaba will have to produce a miracle to raise R40 billion to fill the current fiscal gaps, and ratings agencies and markets alike will be paying close attention to the announcement.
Meanwhile, beleaguered retailer Steinhoff appears to be getting support from banks that are willing to restructure its debts, so it can continue to fund its operations.
The firm has been frantically working to raise R16 billion since December.
It managed to sell seven and half million PSG shares, raising R7.1 billion earlier this week.
Steinhoff is under pressure from the JSE, which has given it a deadline for the end of February, to produce its annual 2017 results.
If it fails to do so, the local exchange says it will halt the company’s ability to trade bonds, which will make it almost impossible for it to borrow money.
