South African Stocks Inch Up Ahead of Fed, Standard Bank Rallies

South Africa’s main stock index inched higher on Wednesday, erasing an early dip, as gains by Sasol Ltd. and Standard Bank Ltd. battled weakness in gold and iron ore miners as well as in British American Tobacco.

The benchmark remained in a tight range, up 0.2% at 10:15 a.m. in Johannesburg, as investor focus switches to the U.S. Federal Reserve’s policy meeting later on Wednesday.

“A dovish stance is expected, and largely priced in,” Bianca Botes, executive director at Peregrine Treasury Solutions, said in an emailed note. “The market will, however, be looking for an indication of further stimulus by the Fed in the future.”