JSE lifts after break in US-China trade tension

The JSE was higher early on Friday afternoon, tracking Asian markets after the US and China moved to ease tension in the prolonged trade war.

China’s State Council said on Friday that it would exclude several US agricultural products from additional tariffs including soybeans and pork, Reuters reported. US President Donald Trump said on Thursday that he would prefer a comprehensive deal with China but would not rule out an interim deal.

Earlier, the Hong Kong Hang Seng was up 0.98% and Japan’s Nikkei 225 1.05% while the Shanghai Composite was closed for a Chinese public holiday.

At 11.30am, the JSE all share had added 0.39% to 57,004 points and the top 40 was 0.5% higher. Banks were up 1.56% and financials 1.07%.

Old Mutual climbed 2.18% to R20.15 after it said on Friday that it would not back down in its legal battle with axed CEO Peter Moyo, despite saying in a letter to Moyo that it wants to “de-escalate litigation between the two parties”.

AfroCentric Investment was down 2.94% to R3.30. The company said on Friday that its headline earnings per share increased 1.6% to R265.2m in the year to end-June.

[email protected]

Source: businesslive.co.za