Optimism over a trade truce boosts JSE

The JSE was higher on Wednesday morning, tracking most global markets as trade-truce optimism lifted sentiment. 

On Wednesday, China said it would exempt 16 US products from additional tariffs as of September 17, easing investor fears about the trade war’s effect on the global economy. The two countries are set to resume negotiations in October.

Earlier, the Shanghai Composite was down 0.41% while Hong Kong’s Hang Seng was up 1.78% and Japan’s Nikkei 225 0.96%. In Europe, the FTSE 100 added 0.93%, France’s CAC 40 0.36% and Germany’s DAX 30 0.73%. 

At 10.45am, the JSE all was up 1.01% to 55,895.80 points and the top 40 1.11%. Industrials added 1.51% while banks were down 0.51%.

Naspers slumped 31% to R2,410. The JSE heavyweight is set to list its internet businesses in Amsterdam on Wednesday under its subsidiary, Prosus.

Famous Brands was up 0.18% to R78.05. It said on Wednesday that its SA system-wide sales grew 6% in the six months to end-August.

Growthpoint dropped 2.51% to R22.91. The landlord said on Wednesday its headline earnings per share decreased 1.1% to 158.10c in the year to end June. 

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Source: businesslive.co.za