JSE gains while Brexit leaves global markets mixed

The JSE was higher on Monday morning  with resources leading gains, while global markets were mixed amid uncertainty regarding Brexit.

British Prime Minister Boris Johnson has written to Brussels seeking to delay the October 31 deadline for the UK to leave the EU after MPs voted not to back Johnson’s proposed Brexit deal on Saturday.

“The pressure is unlikely to ease up on MPs though, just because the extension request was sent to Brussels. Until they confirm that it’s been accepted, there is still a risk of no deal Brexit in 10 days’ time. The EU could wait until late in the day before accepting an extension in an attempt to pressure MPs to back Johnson’s deal,” Oanda senior market analyst Craig Erlam said.

Earlier, the Shanghai Composite and the Hong Kong Hang Seng were flat while Japan’s Nikkei 225 added 0.25%. 

In Europe, the FTSE 100 and France’s CAC 40 were both up 0.1% and Germany’s DAX was 0.59% higher.

At 10.50am, the JSE all share added 0.68% to 56,103.3 points and the top 40 0.67%. Resources were up 1.75% and platinum miners 1.27%. 

Balwin Properties was up 3.03% to R3.06. The landlord said on Monday that its headline earnings per share increased 5% to to 40c in the six months to end-August.

Merafe was down 1.2% to 82c. The mining company said on Monday that its attributable ferrochrome production from the Glencore-Merafe Chrome Venture decreased about 29% in the third quarter to end-September.

[email protected]