The JSE opened flat on Monday as resources showed tentative signs of a recovery, following Friday’s sharp retraction. The resources 10 index closed 3% lower on Friday as weaker copper prices jolted sentiment. The copper price recovered more than 1% in late trade on Friday after losing 3% on Thursday. "The resources sector is now much oversold in the very short term, with technical upside likely to occur in the sessions ahead," analysts at Momentum SP Reid said. Gold was flat at $1.256.8 and platinum gained 0.16% to $1,028 an ounce. The Dow closed 0.05% up at 20.821.76 points on Friday. Asian markets were weaker on Monday morning with the Nikkei losing 0.91% and the Hang Seng shedding 0.76%. The market was awaiting US President Donald Trump’s address to congress on Tuesday, with more detail expected on tax reforms and infrastructure spending previously mooted by his administration. Barclays Research analysts said unless the US government refocused attention toward fiscal policies qui...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.