JSE gains as initial US-China deal takes centre stage

The JSE entered its third consecutive session of gains on Tuesday morning as focus remains on the phase-one US-China trade deal.

Reuters reported on Tuesday that China plans to purchase an additional $80m worth of manufactured goods from the US in the next two years. This comes as the two countries are expected to sign a partial trade agreement this week.

The US has now removed China from its list of countries it considers currency manipulators, five months after the latter was placed on the list by the US treasury department.

Earlier, the Shanghai Composite was down 0.28%, Hong Kong’s Hang Seng 0.24% and Japan’s Nikkei 225 0.73%. 

At 10.31am, the JSE all share had added 0.2% to 57,685 points and the top 40 0.17%. Banks were up 0.76% while gold miners had lost 2.39%. 

Woolworths said on Tuesday that executive vice-president and president for Levi Strauss Americas Roy Bagattini had been appointed its new CEO. He will replace Ian Moir, who has headed the retailer since 2010. Woolworths’ share price climbed 6.97% to R51.56.

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Source: businesslive.co.za