JSE could get a boost from Naspers on Tuesday
The JSE could find direction from positive Asian markets on Tuesday morning, with strong gains from WeChat owner Tencent boding well for Naspers and Prosus.
International focus remains on the US-China trade war, though a surprise rate cut by the People’s Bank of China on Monday has boosted sentiment.
Local issues are in the back seat, with focus on the Reserve Bank’s policy announcement on Thursday, though no change to the repo rate is expected.
The surprise announcement of Andre de Ruyter, CEO of Nampak, as the new CEO of Eskom from January 2020 had little effect on the local currency on Monday, said Peregrine Treasury Solutions corporate treasury manager Bianca Botes in a note.
In morning trade Hong Kong’s Hang Seng was up 0.85%, while the Shanghai Composite added 0.46%.
Tencent was up 1.6% in Hong Kong, pointing to positivity for Naspers and Prosus.
The rand was 0.13% weaker at R14.83/$.
Gold was flat at $1,470.47/oz, while platinum was little changed at $895.55. Brent crude was 0.11% up at $62.32 a barrel.
Rhodes Food Group is expected to release its full-year results to end-September later, saying earlier in November group turnover during the period had risen 8.2%.
Invicta Holdings is expected to report later that profit attributable to shareholders rose by R145m-R155m in its six months to end-September.
Source: businesslive.co.za
