JSE likely to take a breather on Thursday
Asian markets paused after no concrete details were announced following the meeting between US and Chinese trade officials
The JSE received no clear signals from Asian markets on Thursday morning.
After Wednesday’s rally — which helped Naspers gain 4.85% to R2,973, boosting the all share index by 2% to 53,223 — markets took a breather.
Tokyo’s Nikkei 225 index was down 1.2% and Sydney’s ASX 200 index was down 0.1%, but Chinese stock markets were slightly higher.
Naspers’s dominant asset Tencent was up 0.31% to HK$328.60, helping Hong Kong’s Hang Seng index rise 0.37%. Mainland China’s Shenzhen component index was up 0.53% and the Shanghai composite index was up 0.23%.
China’s commerce ministry issued a statement on Thursday following the conclusion of three days of trade talks with US officials in Beijing.
Reuters reported there were few concrete details on the meetings in Beijing, which were not at a ministerial level, so were not expected to produce a deal to end the trade war.
Brent crude oil, which managed to regain $60 a barrel on Wednesday after dipping to nearly $50 a barrel at Christmas, was trading at $60.95 a barrel on Thursday morning.
Stronger oil prices helped Sasol rise 3.315% to R445 on Wednesday, and Standard Bank’s West Texas Intermediate price tracking exchange-traded note rose 1.78% to R10.31.
The dollar and Wall Street may suffer on Thursday from US President Donald Trump storming out of a meeting and embarking on a fresh Twitter tirade.
The US government shutdown is now on day 20 with no end in sight.
The rand held under R14/$, R16/€ and R18/£ on Thursday morning, trading at R13.83/$, R15.98/€ and R17.68/£ at 7am.