JSE opens higher as global gloom lifts a little

The JSE all share started the week on a positive note as the market shrugged off a weak close on the Dow on Friday, on optimism that data and earnings set to be released in the week could exceed expectations.

Banks, financials and retailers were early movers on a steady rand at about R14.55 to the dollar, as well as from oversold levels, but Naspers was still under pressure, losing 1.3% to R2,525.80, extending losses in 2018 to 26.6%.

Local miners were also higher as Brent crude slipped 0.71% to $77.11 a barrel.

In the US, a tumultuous week for markets around the world ended with a rocky Friday session, putting the S&P 500 on the cusp of correction territory as investors continued an October retreat from risky assets.

As stocks tumbled in early trading, the benchmark stock index fell nearly 3% to breach the level that would place it 10% below September’s record. But as was the case for much of a whirlwind week marked by intraday dips and sharp rebounds, stocks stabilised, before slipping again in the final hour of trading, Dow Jones Newswires reported.

The Dow closed 1.19% lower as upbeat third-quarter US GDP growth data raised concern that markets may have hit a peak, with the Dow now down an overall 0.13% for 2018.

Asian markets were mixed on Monday morning as investors remained pensive after the global equity sell-off last week, Nedbank Corporate and Investment Banking analysts said.

The Nikkei 225 lost 0.16%, but the Hang Seng edged up 0.07%.