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Market Update: South African Stocks End at Over 1-Week High
The FTSE/JSE All Share Index closed 0.7% higher at 66,550 on Thursday, its highest level since May 18th, mainly supported by miners and shares of fashion discount retailer Mr. Price Group which jumped 12% after the company reported a strong recovery in its full-year profit. Market sentiment was also lifted by a better-than-anticipated jobless claims report from the US and reports that the Biden administration is set to propose $6 trillion budget in 2022. Meanwhile, concerns persist over inflation and premature stimulus withdrawal ahead of US inflation data due on Friday. Locally, South Africa could soon be moving to an adjusted Level 2 of the lockdown as members of the Covid-19 Ministerial Advisory Committee warned that tighter restrictions are needed ahead of a third wave. On the data front, annual producer price inflation climbed to 6.7% in April, the biggest rise since November of 2018 and slightly above market consensus. [/s2If]
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