Resources keep JSE afloat as EU stocks wilt after protectionist Trump speech
With European share prices weakening on US President Donald Trump’s protectionist stance, a stronger JSE resources sector buoyed the local bourse a little
The JSE was marginally stronger on Monday, powered mainly by the resources sector after a weaker dollar bolstered commodity prices. The all-share index was up 0.38% at 52,734.20 points at lunchtime, as gold and platinum stocks gained 3.06% and 3.41%, respectively. The dollar was weaker after US President Donald Trump promised a protectionist approach in his inaugural speech. Trump said the North American Free Trade Agreement between the US, Canada and Mexico would be renegotiated, a development some feared did not bode well for global trade. Petri Redelinghuys, founder of Herenya Capital Advisors, said: "I think that this market should keep moving higher over the next year. No, it won’t be a smooth ride, it never is. Yes, this market could pull back first before it goes on to make new highs, but that should be seen as bargain-hunting time." Redelinghuys said Trump scared many people as he was unpredictable, but that did not mean he would derail the entire world economy. Europe’s lea...
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