JSE a safe haven in US election storm
The rand and the JSE gained on Monday as jittery global markets awaited the outcome of the US’s congressional elections on Tuesday
The rand and JSE appeared to be seen as a safe haven ahead of Tuesday’s US congressional elections.
The rand strengthened from R14.41/$ to R14.14/$ on Monday, and was trading at R14.19/$, R16.19/€ and R18.52/£ at 6.25am.
On a generally bad Monday for global stock markets, the JSE’s all share index rose 1.19%.
Whether the JSE will manage a fifth trading day of gains on Tuesday was unclear from Asian markets. Tokyo’s Topix index was up 1.25% while mainland China’s Shanghai composite index was down 1.05%.
Naspers’s main asset, Tencent, was down 1.23% to HK$288.80 in Hong Kong while the JSE top 40’s second-largest constituent, BHP, was up 1.22% to A$33.52 in Sydney.
Companies that may release results on Tuesday include Ayo Technology Solutions and Gaia Infrastructure Capital.