JSE on track for second-consecutive weekly loss on Friday
The local bourse needs to gain 2.01% on Friday to avoid a second week of losses, as uncertainty in Washington persists
The JSE was being offered little clear direction by global markets on Friday morning, on track for its second-consecutive weekly loss as uncertainty over US President Donald Trump’s administration persists.
Impeachment proceedings launched against Trump has weighed on equities so far this week, though a transcript between him and the Ukrainian president has not provided clear evidence sufficient for criminal proceedings.
“The market isn’t clear on what to make of the latest impeachment developments in the US, and this continues to increase uncertainly and could be weighing on investor sentiment,” said AxiTrader market strategist Stephen Innes in a note.
The prospect of the resumption of US-China trade talks in October, however, has lifted sentiment a little.
Asian stocks were mixed on Friday morning, as were major commodities.
Gold was up 0.15% to $1,506.60/oz and platinum 0.59% to $932.14/oz. Brent crude was 0.59% lower at $62.15 a barrel.
Tencent was down 0.66% in Hong Kong, while diversified miner BHP was up 0.56% on the Australian Securities Exchange.
The JSE has lost 2.01% so far this week, with Naspers giving back 4.88%, while gold miners have gained 6.16%.
There are no major local economic releases on the calendar on Friday, while in corporate news, forestry company York Timbers is expected to report that headline earnings per share (HEPS) for the year to end-June should rise by between 6% and 11%.
Property group Putprop is expected to report that HEPS rose in a range of 2% and 22% for the year to end-June.
Platinum miner Wesizwe is expected to report that HEPS surged by between 842% and 861% for the six months to end-June.