JSE faces subdued Asian markets on Thursday
Thanksgiving in the US could mute trade, with focus still on Covid-19
The JSE faces lacklustre, yet mixed, Asian markets on Thursday, as investors continue to digest news around Covid-19, while the closure of US markets for Thanksgiving is likely to reduce activity.
With the US heading into Thanksgiving, markets have been more subdued with equities taking back a little of Tuesday’s strong gains, though the dollar is softer, said National Australia Bank analyst Ray Attrill in a note.
Overnight, US Federal Reserve minutes from the last meeting were released, indicating concern for the US economy, and possible increases of bond purchases.
In morning trade, the Shanghai Composite was down 0.13%, while Japan’s Nikkei had added 0.43%.
Tencent, which influences the JSE via Naspers, had gained 1.48%.
Gold was up 0.21% at $1,811.20/oz, while platinum had risen 1.03% to $969.81. Brent crude was flat at $48.86 a barrel.
The rand was little changed at R15.11/$.
The corporate calendar is somewhat busy, with poultry group Quantum Foods due to release its results for the year to end-September later, though it hasn’t released a recent trading update.
Construction group Stefanutti Stocks is due to release its results for its six months to end-August later, and has warned of a headline loss per share from continuing operations of up to 170c.
Agriculture-focused Kaap Agri is also due to release its results for the year to end-September later, saying in a trading update for its nine months to end-June that profits were under pressure as Covid-19 hit fuel sales and a number of products in its trading business.
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