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Market Update: South African Stocks End at 1-Week High
The FTSE/JSE All Share Index closed 0.3% higher at 67,724 on Friday, its highest level since June 4th, tracking a global positive sentiment as investors acknowledged that the current period of high inflation will be transitory and likely won’t affect Fed’s monetary policy stance. At the same time, traders reacted positively after President Cyril Ramaphosa announced on Thursday an intervention in the energy market in a bid to solve the country’s energy supply shortfall and reduce the risk of load shedding which is seen as a major risk to the nascent economic recovery. Meanwhile, power cuts are set to continue over the weekend and South Africa has officially entered into its third wave of Covid-19 infections after it reported 9,149 new cases on Thursday, with health experts calling for further tightening of Covid-19 restrictions. The country shifted to adjusted level 2 lockdown at the end of May in an effort to keep the third wave at bay, but insufficient vaccination remains a problem. [/s2If]
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