JSE faces another subdued day of trading
Barring any surprises, the JSE looks set for another relatively quiet trading session on Tuesday.
With oil prices above $70 a barrel, SA’s main bourse edged 0.4% higher on Monday, extending last week’s gains amid a dearth of market-moving news, which meant trading volumes were abnormally light.
Tuesday could be more of the same, since no major financial results or data releases are due locally. Later in the day, job-vacancy numbers are due in the US.
Hong Kong’s Hang Seng index was 0.3% higher at the lunch break on Tuesday, while Japan’s Nikkei 225 index was 0.1% stronger. Stocks in Korea and Singapore were marginally higher, while Australia’s main benchmark index was slightly weaker.
Tencent’s 0.6% gain in Hong Kong on Tuesday morning bodes well for Naspers, which owns 31% of the Chinese technology giant.
JSE-listed BHP Group, meanwhile, was 0.2% higher in Australia.
The rand was slightly weaker on Tuesday morning, trading 0.1% down against the dollar at R14.12/$, 0.2% weaker against the pound at R18.47/£, and 0.2% down versus the euro at R15.91/€.
“Emerging markets have strengthened as a strong oil price and a subdued dollar assist the underlying currencies,” said Bianca Botes, corporate treasury manager at Peregrine Treasury Solutions.
Markets are also keeping a close eye on Brexit developments.
“With April 12 around the corner, the UK is still no closer to having a deal on the table for Brexit,” Botes said.
Source: businesslive.co.za