JSE faces mostly higher Asian markets on Tuesday amid focus on sanction moves
The JSE looks set to contend with higher Asian, Asian markets on Tuesday morning, with focus still on the war on Ukraine and the prospects of further sanctions against Russia.
The White House has accused Russia of war crimes and there are expectations that the West will move soon to tighten the screws on Moscow.
Unless the sanctions, expected to be discussed on Wednesday, target energy supplies to Europe or firms from other countries doing business with Russia, the marginal economic impact will be limited, said SPI Asset Management managing partner Stephen Innes in a note.
In morning trade, Brent oil rose 0.83% to $108.50 a barrel, having climbed over 3% on Monday. Oil prices eased almost 10% last week, amid news the US would tap its strategic reserves, as well as lockdowns in China.
Japan’s Nikkei was flat, while Australia’s All Ordinaries index was up 0.56% and South Korea’s Kospi 0.66%. Chinese exchanges are closed for the Qingming festival.
Gold was 0.26% lower at $1,927.49/oz and platinum had given back 0.25% to $984.
The rand was flat at R14.59/$, having gained 0.5% on Monday
The local calendar is bare on Tuesday and some shares may react to the announcement last night that the government has lifted the national state of disaster implemented two years ago to counter the Covid-19 pandemic.
JSE-listed stocks, such as hotel and casino operators, have already been benefiting from SA’s less deadly fourth wave, with Sun International having doubled over the past year, while Tsogo Sun Gaming has risen 84%.
Source: businesslive.co.za
