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Resumption of US-China trade talks lift global stocks

Mar 29 2019 18:10
Musa Makoni, GT247.com

The JSE closed firmer on Friday as it tracked other global markets higher.

Markets were inspired by the resumption of trade talks between the USA and China, with key US negotiators indicating that they were prepared to continue with talks even for the next couple of months.

Market participants seem to have quashed concerns over the probabilities of a recession as gains were recorded across most global equity indices.

Rand sensitives on the JSE were also supported by the rebound recorded in the rand which strengthened on the back of the weaker US dollar.

The greenback broke 3 consecutive sessions of gains as it retreated on Friday. The rand strengthened to a session high of R14.42/$ before it was recorded at R14.47/$ at 17:00, up 0.9% on the day.

On the JSE, Tongaat Hulett [JSE:TON] continues to claw back its recent losses.

The stock managed to gain 3.65% to close at R21.56, while Kumba Iron Ore [JSE:KIO] rose 4.43% to close at R430.30.

Retailer, Woolworths [JSE:WHL] advanced 5.06% to close at R46.48, Mr Price [JSE:MRP] rose 4.67% to R189.52, and Truworths [JSE:TRU] gained 3.46% to close at R69.39.

Sappi [JSE:SAP] gained 2.21% to as it closed at R66.65, while Sibanye Stillwater [JSE:SGL] closed at R15.73 after gaining 1.03%.

Other significant gains on the day were recorded for Rebosis Property Fund [JSE:REB] which closed 2.87% firmer at R1.79, Standard Bank [JSE:SBK] which advanced 3.31% to close at R185.23, and MMI Holdings [JSE:MMI] which gained 3.69% to close at R16.59.

Nampak [JSE:NPK] came under significant pressure as it closed the day 6.03% weaker at R11.22.

EOH Holdings [JSE:EOH] also wobbled on the day eventually closing 9.25% lower at R10.40.

JSE:S32] weakened by 1.96% as it closed at R37.50, while Mediclinic [JSE:MEI] closed 2.16% softer at R56.99.

GT247.com


The JSE All-Share index maintained its gains eventually closing the day 0.69% higher, while the blue-chip JSE Top-40 index gained 0.71%.

The Resources index was the only major index to close softer as it lost 0.22%. The Industrials and Financials indices gained 0.77% and 1.66% respectively.

Brent crude shrugged off calls from Donald Trump on OPEC to increase output as it rose on the day.

The commodity peaked at a session high of $68.89/barrel, before it was recorded trading 0.69% firmer at $68.29/barrel.

At 17:00, Gold was up 0.38% at $1295.36/oz, Palladium had rallied 2.95% to trade at $1386.74/oz, and Platinum was 1% firmer at $847.87/oz.

jse  |  johannesburg stock exchange  |  currencies  |  markets  |  rand
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