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Market Update: South African Stocks End Muted
The FTSE/JSE All Share Index finished almost muted at 65,552 on Tuesday, close to its lowest level since March 25th, tracking its global counterparts, with investors cautious ahead of highly-anticipated testimony from US Federal Reserve Chair Jerome Powell. Domestically, the government will meet with scientific advisors and medical experts this week to discuss the possibility of introducing further restrictions in South Africa as the third wave of the Covid-19 wave hits. South Africa moved to a level 3 lockdown on 15 June, reimposing further restrictions around gatherings, the sale of alcohol and a tighter curfew. On the data front, the South African Reserve Bank composite leading business cycle indicator rose by 3.7% from a month earlier in April of 2021, the most since last August, reflecting among other factors, the impact of the low base established a year earlier during the initial severe COVID-19 lockdown restrictions. [/s2If]
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