subscribe Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Subscribe now
Picture: BLOOMBERG/WALDO SWIEGERS
Picture: BLOOMBERG/WALDO SWIEGERS

The JSE faces a muted Asian session on Monday morning, while locally leisure-related stocks could be under pressure after SA moved back to a level 4 lockdown.

Ramaphosa said on Sunday the latest wave of infections will be more severe and may last longer than previous ones, with leisure travel in and out of hard-hit Gauteng also banned.

Stocks such as liquormaker Distell and restaurant owners such as Spur could react to this news on Monday morning, with international markets providing little direction.

US markets closed at or near record highs last week, with the JSE also benefiting as global markets recovered from news the week before that the US Federal Reserve was bringing forward its timeline on interest rate increases.

On Monday, Asian markets were reacting to data that showed Chinese industrial profit growth slowed in May, but still rose more than a third year on year, while the threat of heavy rains have delayed the opening in Hong Kong.

Financial markets in Asia are off to a subdued start on Monday, with weekend news also sedate, said Oanda senior market analyst Jeffrey Halley in a note. Across the region Covid-19 restrictions are eroding sentiment, he said, with Malaysia and Thailand acting to curb rising numbers. Japan and Taiwan are also dealing with persistent case numbers.

In morning trade markets in Japan, China and Australia were flat.

Gold was little changed at $1,779.40/oz while platinum fell 0.84% to $1.106.13. Brent crude was 0.65% firmer at $76.05 a barrel.

The rand was 0.22% weaker at R14.06/$.

The local economic calendar is bare on Monday, while in corporate news industrial holding company Invicta is due to release its results for the year to March later, expected to show a return to profit, amid about a R1bn swing.

The group has been selling down debt, having completed the about R607m sale of four businesses in the capital equipment segment. The group’s shares have recovered well in 2021, up more than 51% in the year to date, and up 41% from the end of 2019.

gernetzkyk@businesslive.co.za

subscribe Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Subscribe now

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.