MARKET WRAP: JSE lifted by easing US-China tension
Progress in the US-China trade talks injects a sense of optimism into global markets, but a no-confidence vote in UK Prime Minister Theresa May looms
The JSE pushed higher on Wednesday, recording broad-based gains, cheered by positive developments in the US-China trade talks. The rand found some support after confirmation the Chinese had agreed to resume soyabean imports, and drop tariffs on vehicles from the US. This has improved the prospects of the US and China striking a deal, analysts said, although the three-month truce was somewhat short given the scale of the issues on the table. The all share firmed 0.8% to 51,598.1 points and the top 40 rose 0.82%. Banks gained 1.91%, platinums 1.97%, gold miners 2.47% and food and drug retailers 1.81%. Property stocks gave up 0.21%. Risk-events continue to hover over the markets, however, with investors closely watching the no-confidence vote in UK Prime Minister Theresa May, who is fighting to unite her party behind a draft Brexit agreement. The rand was firmer against the dollar, extending gains slightly in the afternoon after US consumer inflation came in much lower than expected. C...
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