JSE on track for second week of gains

The JSE was higher on Friday morning and on track for its best weekly gain in a month amid global risk as the US and China enter their second day of high-level talks.

US President Donald Trump said on Thursday that officials from the two countries had “very good” talks, easing market concern. Trump said he would meet Chinese vice-premier Liu He in Washington on Friday.

“Regardless of the present optimism, it is important to keep our feet on the ground. Positive news does not necessarily mean that China would get away with more tariffs on its US exports as scheduled for next week, unless both parties explicitly state the contrary,” London Capital Group senior market analyst Ipek Ozkardeskaya said.

Earlier, the Shanghai Composite added 0.88%, Hong Kong’s Hang Seng 2.34% and Japan’s Nikkei 225 1.15%. 

At 10.25am, the JSE all share added 0.54% to 55,369.4 points and the top 40 0.57%. Banks were up 1.9% and gold miners 1.57%. 

Peregrine Holdings was down 1.35% to R16.85. The company said on Friday that it expects its headline earnings per share (HEPS) to decrease between 35% and 45% to between 45.1c and 57.9c, in the six months to end-September.

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