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Despite concerns around
Finance Minister Tito Mboweni’s medium-term budget speech on Wednesday, the
local bourse made gains on Thursday, boosted by strong performances in the
mining sector and certain rand hedges. At the closing bell, the Top 40 had gained 0.99%.
US equities opened slightly stronger on Thursday thanks to strong quarterly reports from Apple and Facebook, however, took a hit from rising uncertainty around a possible trade deal between the US and China. At 19h10, the Dow Jones was 0.80% down.
European indices reversed earlier gains on Thursday afternoon as renewed concerns surrounding the ever-present US-China trade war spooked investors. At 19h10 the STOXX 600 was down by 0.49%.
Following in US footsteps, Hong Kong’s central bank also cut their interest rate by 25bps to 2%, boosting their local market. At the close of trade, the Hang Seng Index was 0.81% in the green.
Although investors looked to lock in profits after the past month’s superb performance, the Nikkei closed up boosted by the Fed’s announcement to cut the US interest rate. The Nikkei closed up 0.37%.
The rand continued to lose momentum on Thursday after Mboweni’s dire midterm budget speech from the previous day rose concerns amongst investors and ratings agencies. At 19h10, a dollar traded at R15.10.
Bullion prices continued to climb on Thursday due to the US interest rate cut putting the greenback under pressure combined with new US-Sino tariff dispute troubles. At 19h10, gold traded at $1 510.37 per ounce.
Oil prices dropped by almost 2% on Thursday due to weak factory activity in China and a leak on a major US pipeline disrupting the supply flow. A barrel of Brent crude traded at $59.86 at 19h10.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer