JSE on track to snap a four-week winning streak on Friday
Asian markets and precious metals are a little higher on Friday morning, but the local bourse would need to gain 1.75% to avoid a weekly loss
A mildly hawkish US Federal Reserve and volatility in the oil price as a result of rising Middle East tension put the JSE on track to snap a four-week winning streak on Friday.
The local bourse will need to rise more than 1.75% on Friday to avoid losses.
Asian markets were a little higher, but not significantly so, with Japan’s Nikkei up 0.38%.
Tencent was down 0.65% in Hong Kong, though gold was up 0.35% to $1,504/$ and platinum 0.29% to $940. Brent crude was up 0.28% to $64.66 a barrel.
Brent crude has still surged 7.53% during the week, with the market digesting an attack on Saudi Arabian oil facilities in the weekend that could presage a confrontation with Iran.
Locally, the Reserve Bank this week also kept interest rates unchanged, as expected.
There is little on the local or international economic calendar on Friday.
Remgro's share price, however, should react to its announcement as markets closed on Thursday that its headline earnings per share fell 4.2% to 1,448.9c in the year to end-June. The group, however, upped its final dividend 6.4% to 349c per share.