JSE on track for second day of gains as coronavirus fears fade
The all share added 0.60%, and the top 40, industrials and resources all gained
The JSE was into its second day of gains on Wednesday as hope that the coronavirus may be subsiding lifted global markets.
Investors found some comfort after China’s senior medical adviser said on Tuesday that the number of new coronavirus cases was declining in some provinces and that the virus could peak this month, according to Reuters. The coronavirus has claimed the lives of more than 1,100 people.
“Global markets continue to head higher. Even Asian markets, which have been hit hardest by the virus outbreak, have seen strength over the past few days. One reason that markets are feeling more buoyant is that the infection rate has been slowing,” fund manager Vestact said in a note.
Earlier, the Shanghai Composite was up 0.87%, as was Hong Kong’s Hang Seng, and Japan’s Nikkei 225 was up 0.74%.
At 11.55am, the JSE all share added 0.60% to 57,325.88 points and the top 40 0.71%. Industrials were up 0.69% and resources 0.64%.
Tiger Brands slumped 7.40% to R183.83 after the food producer said it expects its headline earnings per share to decrease by between 30% and 37%, to between 533c and 478c, in the six months to end-March.