JSE on track for second week of gains on Friday
The local bourse will need to lose more than 1.47% for a weekly loss on Friday and faces mixed Asian markets at its start
The JSE faces mixed Asian markets on Friday morning, but is on track for its second week of gains amid optimism about the US-China trade war.
News regarding the trade war this week has been somewhat mixed, but the trend has been generally positive, with China indicating on Thursday it was ready to discuss how tariffs should be jointly lifted.
“The news suggests that both sides are clearly close to a phase one deal and that China, which is suffering through a serious protein shortage due to the spread of disease in its pig livestock, is eager to lower agricultural tariffs and open up trade flows once again,” said BK Asset Management MD Boris Schlossberg in a note.
News on Friday morning was also positive, with Chinese exports falling less than expected in October.
At 6.15am SA time, Shanghai’s Composite was up 0.35%, while Hong Kong’s Hang Seng was down 0.44%.
Tencent, which influences the JSE via Naspers and Prosus, was down 1%.
Gold was flat at $1,469.30/oz while platinum had slipped 0.3% to $905.80. Brent crude was 0.2% lower at $62.16 a barrel.
The rand was flat at R14.7439/$, having firmed 1.89% so far this week.
Construction company Stefanutti is expected to release its interim results to end-August, but has not issued a trading statement. In the prior period, the company had reported that headline earnings per share grew 46%, though it said cash generated from operations declined, with some clients delaying payments.