Market data including bonds and fuel prices
The fun and games in this innovative and rapidly changing sector will be well worth watching
Upgrade of outdated tobacco law on the way at last
The premier announced her cabinet after a meeting with the ANC’s deployment committee and its alliance partners
Business Day TV speaks to African Rail Industry Association CEO Mesela Nhlapo
Credit bureau sees more defaults ahead as central bank increases interest rates
The improved sentiment is a result of increased merchandise export and import volumes and more new vehicles sold, Sacci report says
The monetary policy committee increases the key policy rate to 6% from 5%
Top swimmers have a rivalry that could develop into one of SA sport’s greatestt
Former world boxing champion furious over unauthorised production
The JSE faces mixed, but mostly positive, Asian markets on Wednesday morning, with Tencent bouncing back from a tough Tuesday as investors once again grappled with the threat of Chinese regulatory interventions.
Tencent, which gives direction to the JSE via Naspers’s huge stake, was up 4.93% in morning trade, having slumped 6.11% in the previous session.
This followed China’s state media referring to online games as “spiritual opium”, and follows a selling frenzy last week sparked by a crackdown on music licensing. Naspers lost almost 7% on Tuesday, losing about R100bn in value, almost equivalent to the market capitalisation of banking group Absa.
US markets were positive overnight, with the S&P 500 reaching a record high and positive corporate earnings competing with the concern about rising infection numbers due to the Delta variant of the coronavirus.
In morning trade the Hang Seng was up 1.62% and the Shanghai Composite 0.56%, while Japan’s Nikkei had given back 0.16%.
Gold was up 0.17% to $1,812.38/oz while platinum had risen 0.11% to $1,051.55. Brent crude was 0.3% higher at $73.45 a barrel.
The rand was 0.2% firmer at R14.28/$, having firmed almost 1% on Tuesday.
Locally, there is speculation that a cabinet reshuffle is imminent, which could offer the prospect of a boost for President Cyril Ramaphosa’s reform agenda, or presage further political tension for the ANC.
Insurance group Liberty Holdings is expected to report a return to profit in its six months to end-June later, as it bounces back from a tough first half of 2020 that forced it to set aside R3bn as a pandemic reserve. The insurer also recently announced that Standard Bank, which holds more than 53%, wants to take full control, and its shares have risen by almost a quarter since that announcement.
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Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.