JSE faces mixed Asian markets on Wednesday as markets await fresh catalyst

The JSE faces mixed Asian markets on Wednesday, with little news to give investors a clear direction, though general sentiment remains supportive.

The main activity on US bourses overnight was driven by a sell-off of longer-dated treasuries, analysts said, amid a focus on stimulus measures that could drive up future inflation.

The Dow Jones closed slightly higher on Tuesday at a record high, with sentiment bolstered so far in 2021 by optimism over the pace of the globe’s economic recovery from Covid-19.

In morning trade, the Hang Seng was up 0.65% while Japan’s Nikkei had fallen 0.4%.

Tencent, which gives direction to the JSE via Naspers, added 0.81%.

Gold was flat at $1,792.91/oz and platinum little changed at $1,261.68. Brent crude was 0.22% weaker at $63.40 a barrel.

The rand was 0.24% weaker at R14.68/$.

SA inflation numbers for January are due later, and are expected to reflect an acceleration from December’s 3.1% year on year increase, partly due to higher food prices.

Software developer Silverbridge Holdings is due to release its results for the six months to end-December later, saying in a trading update that it expects a rise in headline earnings per share (HEPS) of between 15.4% and 35.4%, though it did not go into further detail.

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Source: businesslive.co.za