JSE could open higher on Friday ahead of Moody’s ratings call
The JSE looks set to open higher on Friday morning as optimism that the world’s two largest economies are closer to resolving a trade dispute boosts global stock markets.
Reuters reported that China had made “unprecedented proposals”, including on the transfer of technology, in its talks with the US.
The Shanghai stock index was up as much as 2.4% in late-morning trade, while Hong Kong’s Hang Seng index was up 0.7%. Stocks in Japan, Korea, Singapore and Australia pushed higher.
Tencent’s 1.4% rise in Hong Kong could lift JSE-heavyweight Naspers by a similar quantum, while BHP Group also looks set for a positive start, being 1% up in Australia.
On the JSE, a number of small-caps are due to report on Friday, including Conduit Capital, Jasco Electronics, Phumelela Gaming and Leisure, and Wesizwe Platinum.
Marine cargo container group Trencor is also due to report full-year numbers. Trencor said earlier in the week it would report a headline loss per share of between R18 and R18.30 for the year ended December.
The rand, which has weakened significantly through the week partly because of the Turkish lira’s decline, was mixed on Friday morning.
It was 0.07% stronger versus the dollar at R14.60/$, 0.16% weaker against the pound at R19.07/£, and 0.04% stronger against the euro at R16.39/€.
Trade balance data is due in SA on Friday, as is a decision on the country’s credit rating by Moody’s.
Some economists expect SA’s rating outlook to be changed from stable to negative, paving the way for a possible downgrade in November.
Source: businesslive.co.za
