JSE may extend gains on Tuesday as US markets surge
The JSE looked set to extend its gains on Tuesday morning, amid a sea of green on global markets.
US markets pushed to record highs on Monday, boosted by positive noises about the US-China trade war, solid economic data, as well as impressive performances from various US counters.
US nonfarm payrolls numbers on Friday had beat expectations, which has helped allayed fears that the world’s largest economy was slowing ahead of the Christmas spending season, said BK Asset Management MD of foreign exchange strategy Boris Schlossberg in a note.
Asian markets were higher on Tuesday morning, with the Shanghai Composite up 0.68% and the Hang Seng 0.48% as of 6.10am SA time.
Gold was 0.28% lower at $1,505.43/oz and platinum was flat at $937.37. Brent crude was flat at $62.11 a barrel.
The rand was 0.18% firmer at R14.78/$, which along with lower precious metal price, pointed to further strain for SA gold miners, who lost 2.9% on Monday.
Tencent, which influences the JSE via Naspers and Prosus, was up 1.8% in Hong Kong. Diversified miner BHP was up 1.2% on the Australian Securities Exchange.
Locally the corporate calendar is bare, with a focus instead on consumer confidence data for the third quarter.
Expectations are that the index, which is compiled by FNB and the Bureau for Economic Research at Stellenbosch University, declined slightly in the third quarter of 2019.
Source: businesslive.co.za
