JSE lifts as investors await US-China trade talks
After reaching a deadlock in May, the two countries are expected to meet in Shanghai on Tuesday
The JSE opened higher on Monday as investors shift their focus to the US-China trade negotiations taking place on Tuesday and Wednesday.
After reaching a deadlock in May, the two countries are expected to meet in Shanghai, with markets hopeful that progress will be made, but some analysts are sceptical about the likelihood of a trade truce at this week's talks.
“The fact that the two countries have agreed to resume talks is a good sign, but the probability of a comprehensive deal between the two countries remain slim as neither side seems eager to agree,” London Capital Group senior market analyst Ipek Ozkardeskaya said in a note.
The US Federal Reserve is expected to announce its interest rate decision later this week amid mounting expectations of at least a 25 basis-point cut. The probability of a 0.25% cut was at 79.1% on Monday morning, according to CME Group's FedWatch tool.
Earlier, the Shanghai Composite had fallen 0.12% and Hong Kong's Hang Seng 1.09% amid ongoing pro-democracy protests and Japan's Nikkei 225 had fallen 0.45%.
At 10am, the JSE all share had gained 0.54% to 57,880.60 points and the top 40 rose 0.66%. Banks were up 0.98% and financials 0.66%.
Liberty Two Degrees earlier gained 1.67% to R7.30 after the landlord said on Monday that its net property income in the six months ended June rose 24.2% to R338.8m.
Tsogo Sun had gained 2.61% to R14.52 after it said on Monday that the company would increase its stake in Sibaya Casino in KwaZulu-Natal from 4.78% to 87.17%.