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Taking the lead from global markets’ optimism as the number of infected coronavirus cases was slowing down, the JSE closed up on Tuesday. The All Share rose 0.23% for the day.
Street opened higher on Tuesday due to optimism that the coronavirus might be
slowing down and a federal judge approving the merger between Sprint and
European shares reached record highs on Tuesday as China’s factories slowly started up again as the number of coronavirus cases slowed, easing fears around a global economic decline. The pan-European index closed up 0.97%.
The Hang Seng made up some losses on Tuesday on the back of news that the pace of the coronavirus in mainland China has slowed. At the close of trade, the Hang Seng Index was up 1.26%.
Japanese markets were closed due to a public holiday.
The local currency firmed against the dollar on Tuesday as “investors loaded up on high-yielding currencies”. At 18h20, the rand traded R14.82 to the dollar.
Gold prices eased on Tuesday in light of the slowing rate at which the Wuhan virus was spreading. Spot gold traded at $1 563.98/oz by 18h20.
The oil price recovered somewhat from a 13-month low on Tuesday as optimism around the spread of the coronavirus calmed fears of a possible lengthy breakdown in oil demand. Brent crude traded at $54.77 a barrel at 18h20.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer