JSE faces mixed Asian markets on Friday after volatile week
The JSE faces mixed Asian markets on Friday morning, and a much lower Tencent, after a volatile week as investors digest rising inflation and a sharp sell off of cryptocurrencies.
China’s move to tighten regulations for cryptocurrencies added pressure to that market and spilt over into tech shares, while concerns remain that rising global inflation will force policymakers to tighten monetary conditions earlier than expected.
“Asia has, understandably, taken a backwards look at this week and wisely decided that it’s Friday,” said Oanda senior market analyst Jeffrey Halley in a note.
In morning trade the Shanghai Composite was down 0.45% and the Hang Seng 0.21%, while Japan’s Nikkei had gained 0.5%.
Tencent, which influences the JSE via the Naspers stable, had dropped 3.86%.
Gold was flat at $1,874.92/oz while platinum had risen 0.40% to $1,200.25. Brent crude was 0.34% higher at $65.24 a barrel.
The rand was 0.17% weaker at R13.99/$, having gained 0.86% on Thursday, when the Reserve Bank warned that inflation risks had risen since its last policy announcement in March.
Pharmacy group Dis-Chem is due to release its results for the year to end-February later, and has seen strong revenue growth, with sales up 12.1% in the 22-week period to February 2.
Investec is due to release its results for the year to end-March later and is expected to report growth in headline earnings per share from continuing operations.
Source: businesslive.co.za
