JSE faces mixed Asian markets on Monday as investors await new catalysts
The JSE faces mixed and generally subdued Asian markets on Monday morning, with investors awaiting fresh catalysts after positive news at the end of last week.
US markets closed at record highs on Friday, lifted by better-than-expected jobs numbers, while strong corporate earnings have also supported sentiment.
News that Pfizer’s Covid-19 treatment pill was almost 90% effective in cutting hospitalisation and death added to positive sentiment, while the Congress has also passed a $1.2-trillion (R18-trillion) infrastructure package.
Local attention this week will be on the medium-term budget policy statement on Thursday. Analysts have noted there may be early signs the state is scaling back on its fiscal consolidation plans, given the ANC’s recent slip in support during the local government elections.
International focus will be on the US producer and consumer inflation data for October, due on Wednesday and Thursday.
In morning trade on Monday the Hang Seng was down 0.48% and Japan’s Nikkei 0.1%, while the Shanghai composite rose 0.11%.
Gold was flat at $1,818.41/oz while platinum rose 0.85% to $1.033.81. Brent crude was 1.65% higher at $83.68 a barrel.
The rand was 0.22% firmer at R15.01/$.
Construction and materials group Raubex is expected to report a return to profit in its six months to end-August later, and has said in a recent trading update it has been encouraged by the amount of tender activity in the market.
Redefine Properties is expected to report a slight rise in distributable income per share for its year to end-August later. It recently announced it will be paying a dividend.
Source: businesslive.co.za
