JSE gains as US-China trade deal signing draws near

The JSE was firmer on Wednesday morning as focus remained on the conclusion of the first phase of the trade deal between the US and China later in the day.

The prospects of a complete trade deal between the two economic superpowers waned slightly after the US said it would maintain tariffs on Chinese goods until the second phase of the agreement.

The initial phase of the deal is expected to be signed in Washington on Wednesday. According to reports, China will pledge to buy $50bn in energy supplies from the US and about $35bn in services.

Earlier, the Shanghai Composite was down 0.54%, Hong Kong’s Hang Seng 0.39% and Japan’s Nikkei 225 0.45%.

At 10.50am, the JSE was up 0.23% to 58,100.6 points and the top 40 was 0.23% higher. Gold miners added 2.56% and banks 0.3%. 

Naspers subsidiary Prosus said on Wednesday that it had raised $1.25bn (R18.bn) through a 10-year bond. Its share price was up 0.24% to R1,138.95.

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Source: businesslive.co.za