JSE could weaken on Thursday as holiday looms
The JSE could follow Asian markets and snap a six-session winning streak on Thursday amid thinning volumes as many market participants go on holiday.
Volumes fell precipitously on Wednesday, said AxiTrader chief Asian markets strategist Stephen Innes in a note, though recent optimism regarding a partial US-China deal may persist into the new year.
Markets showed little reaction to the impeachment of Donald Trump on Wednesday. The US president, who has been impeached by the US House of Representatives, is now widely expected to be acquitted by the US Senate.
The rand strengthened a little overnight, after ratings agency Fitch Ratings announced it would be keeping SA’s sovereign rating at one notch below junk with a negative outlook, said Peregrine Treasury Solutions corporate treasury manager Bianca Botes in a note.
Asian markets were weaker on Thursday morning, with Hong Kong’s Hang Seng falling 0.65%, while Japan’s Nikkei lost 0.55%.
Tencent was down 1.43% and is likely to give direction to Naspers, its largest shareholder.
Gold was up 0.16% to $1,477.50/oz while platinum was little changed at $934.56. Brent crude was flat at $66.12 a barrel.
The local corporate and economic calendar is bare on Thursday.
Globally, the Bank of England’s monetary policy announcement later will be watched, though no change in interest rates is expected.
Source: businesslive.co.za