JSE gains as global markets pick up
The JSE was lifted on Monday morning as global markets recovered from the previous week’s losses caused by growing concerns about the ongoing US-Sino trade war.
US President Donald Trump said on Friday that the two countries were continuing with negotiations and that the US would not make a deal for now.
Markets took strain after the trade war escalated into a currency war last week after the Chinese authorities allowed the yuan to weaken above the psychologically important 7/$.
Earlier, the Shanghai Composite had gained 1.45% and Japan’s Nikkei 225 0.44% while Hong Kong’s Hang Seng had fallen 0.13%. In Europe, the FSTE 100 had gained 0.5%, France’s CAC 40 0.88% and Germany’s DAX 30 0.92%.
At 9.55am, the JSE all share had gained 0.48% to 55,803.90 points and the top 40 0.55%. Industrials had gained 1% and gold miners 2.1%.
Libstar rose 2.43% to R8.44 after the company said on Monday that it expects its group revenue to increase 4.5% for the six months ended June.
Omnia dropped 4.37% to R32.58 after the chemicals and fertiliser maker said on Monday that its subscription price will be R20 per rights offer share. The company earlier said it planned to sell R2bn worth of new shares.