MARKET WRAP: JSE positive on trade developments
The JSE rallied on Tuesday on hopes of a resolution between the US and China, which could cool tension between the two over trade
The JSE rose further on Tuesday on hopes that tension over trade between the US and China would cool as negotiators were due to meet this week in Beijing. The all share gained 1.03% to 53,960.5 points and the top 40 1.23%. Banks gained 1.91%, industrials 1.27% and food and drug retailers 2.34%. Property was down 0.99%. This comes as high-level trade negotiations are taking place this week, with US trade representative Robert Lighthizer and treasury secretary Steven Mnuchin scheduled to meet China’s vice premier in Beijing. Investors are hopeful that a deal will be reached before planned tariff increases kick in next month. Investor sentiment was buoyed on Monday when US legislators announced a tentative agreement to avoid another government shutdown. The deal would provide $1.38bn of funding for 88.5kms of modern physical barriers along the border with Mexico but the amount is far less than Trump had demanded. The deal still faces White House approval. Locally, Eskom moved to stage ...
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