JSE gains as global markets expect word on trade talks
Oanda’s Craig Erlam says ‘time is running out’ if the US and China want to sign a partial trade deal in 2019
The JSE was in positive territory on Tuesday, in line with most global markets as investors await more news on the US-China trade war.
CNBC reported that China is concerned about the trade deal after US President Donald Trump said the US would not withdraw tariffs.
“There have been reports that the US trade team has been exploring rolling back some tariffs to get this over the line and the refusal to engage by Trump could simply be posturing, but time is running out if they want it signed this year,” Oanda senior market analyst Craig Erlam said.
“That's looking increasingly unlikely but as yet, investors are not losing faith with US equity markets holding at record highs and setting new records on an almost daily basis.” Erlam said.
Earlier, the Shanghai Composite added 0.85%, Hong Kong's Hang Seng 1.55% while Japan's Nikkei 225 was down 0.53%.
At 12.25pm, the JSE all share was up 0.96% to 57,008.7 points and the top 40 1.04%. Banks were up 1.03% and resources 1.32%.
Taste Holdings said on Tuesday that it had entered into an agreement to dispose of its food chains Maxi's and Fish and Chips Co. Its share price was unchanged at 7c.
Reinet added 1.18% to R290.50. The investment company said on Tuesday that its net asset value fell 1.8% to €4.7bn in the six months to end-September.
Coronation Fund Managers said on Tuesday that its revenue fell 14.5% to R3.3bn in the year to end-September. Its share price was up 2.68% to R42.84.