JSE shrugs off US-China trade tensions

SA’s main bourse shrugged off concerns about the escalating trade dispute between the US and China on Tuesday morning.

The JSE all-share index was 0.54% higher at 56,677 points shortly before noon, with most major indices posting gains. The top 40 rose 0.63%.

“Not even global fears can trump the post-election relief rally,” analysts at Vestact said in a note to clients, referring to SA’s general election result.

Asian markets pushed lower on Tuesday after China retaliated to higher tariffs on its products by hiking tariffs on US goods.

The Shanghai Composite  fell 0.7% and Hong Kong’s Hang Seng  1.5%.

On the JSE, Vodacom’s shares were up 3.5% at R118.94 after the mobile operator beat profit expectations on Monday.

Shoprite added 3.4% to R179.03 and Telkom gained 2.4% to R84.58.

The rand was stronger against major currencies on Tuesday morning. The local currency was at R14.25/$, R18.45/£, and R16.01/€.

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Source: businesslive.co.za