JSE edges higher as market waits for Brexit clarity

The JSE was a little higher on Friday morning, but still on track for a weekly loss, as investors waited for further Brexit developments.

The EU is set to announce its decision on the UK’s request for a Brexit extension in coming days. UK Prime Minister Boris Johnson is pushing for a general election on December 12, although this seemingly does not yet have support within parliament.

Asian markets were mixed on Friday, finding some support from strong US corporate earnings reports.

Despite some bellwether companies missing estimates, many of the reported results show US companies faring better than expected amid global trade tensions and the downward pressures on the world’s economy, said FXTM market analyst Han Tan in a note.

At 9.05am the JSE was up 0.28% to 55,631.6 points and the top 40 0.3%. Gold miners were up 1.57% and food and drug retailers 0.58%.

Gold was up 0.16% to $1,505.67/oz and platinum 0.89% to $930.25. Brent crude was flat at $61.50 a barrel.

AB InBev slumped 8.16% to R1,233.50, having reported a weak performance in its third quarter.

Rand hedge British American Tobacco was down 1.02% to R510.07 while Richemont rose 1.09% to R110.01.

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