Markets are still considering the implications of the oil ban, while load-shedding in SA is expected to continue until Saturday
The JSE must contend with a shortage of electricity locally and soaring global energy prices on Wednesday morning, with Asian markets mixed as investors digest the implications of a US ban on Russian oil.
Prices remained elevated on Wednesday, with oil up 1.53% to $131.24, while gold extended its gains, rising 0.41% to $2,057.99/oz. SA has partly benefited from a surge in commodity prices, but will now have to contend with further inflationary pressures stemming from energy costs, even as rolling blackouts continue.
In morning trade Australia’s All Ordinaries index was up 0.98% while the Shanghai Composite was down 1.07% and the Hang Seng 2.19%.The rand was little changed at R15.26/$.
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