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Picture: BLOOMBERG/WALDO SWIEGERS
Picture: BLOOMBERG/WALDO SWIEGERS

The JSE is likely to have a positive session for the second day running on Tuesday, taking its cue from world markets where investor concerns over the potential reduction in US monetary stimulus appear to be on the back burner.

Asian shares were roundly higher, boosted in part by the rebound in big technology names such as Tencent, which in recent weeks have borne the brunt of increased regulatory scrutiny.

Hong Kong’s Hang Seng and Japan’s Nikkei 225 index rose 1.56% and 1% apiece. The JSE could follow suit, after starting the week on a strong footing, shaking off last week’s steep losses.

SA incorporated stocks such as banks fared well on Monday, as did the mining stocks, which were pummelled over the past week in line with weaker commodity prices.

Commodity prices have since stabilised, with the gold price creeping back over the $1,800/oz mark for the first since in about two weeks, boding well for the gold miners. Platinum price pushed through the $1,000/oz level, after falling up to $958 last week Thursday.

The rand was flat on the day at R15.1194/$, but a lot better than last week’s levels of R15.30/$.

Meanwhile, foreign investors continue to sell out of SA’s equity and bond markets, JSE data show. Foreigners were net sellers of local bonds to value of R5.52bn over the past week, bringing net sales to R58.15bn so far in 2021. Net equity outflows were nearly R8bn last week, taking total net sales to R79bn.

mahlangua@businesslive.co.za

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