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The local bourse ended the week slightly higher due to strong performances by miners and Naspers, all taking advantage of the US Federal Reserve’s dovish stance. As the closing bell struck, the All Share ended 0.24% higher.
On Friday, US shares started the day low as investors kept an eye on the G20 summit and awaited the outcome of the negotiations between the US and China that seek to halt the protracted trade war. At 17h30, the Dow Jones was trading 0.10% higher.
European markets recorded the best first-half year results in almost 20 years on Friday, thanks to German shares lifting indexes while investors kept a close eye on the US-Sino trade discussions. At the end of trade, the pan-European STOXX 600 stood at 0.70%.
Asian shares fell on Friday, ahead of the much-anticipated China-US trade discussions to be held on Saturday at the G20 summit. The Hang Seng closed 0.28% down.
On Friday, Japanese indices closed somewhat down as all eyes were focused on the trade meeting between the US and China, which took place alongside the G20 summit held in Osaka, Japan. At the end of trade, the Nikkei had lost 0.24%.
Although some experts believe the rand is undervalued by as much as R2/$, it was heading towards its strongest month since January this year as it awaited economic developments at the G20 summit on Friday. At 17h30, a dollar cost R14.11.
Bullion prices rose over 8% in June, its highest level in about three years, and silver touching its biggest monthly gain since January 2019 in light of the US-China trade dispute. At 17h30, an ounce of spot gold traded at $1 411.28.
Although oil prices dropped on Friday, they posted a weekly gain ahead of expected OPEC production cuts and the widely anticipated meeting between the US and China on Saturday. At 17h30, a barrel of Brent crude was trading at $66.52.
Source: Reuters, Business Day, Trading Economics
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