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The JSE lost most of Friday’s gains on Monday as fears of a second COVID-19 outbreak weighed on global sentiment. The All Share fell 1.57%.
Wall Street opened lower on Monday as the reopening of economies and an increase in new coronavirus infections fuelled investor concerns. Shortly after the JSE closed, the Dow was down 0.62%.
European markets fell on Monday led by banks, miners and the travel sector after an uptick in new COVID-19 cases rattled investors. The STOXX 600 Index closed at -0.40%.
Hong Kong stocks tracked Wall Street’s strong performance from Friday, on optimism that more countries will restart their economies. The Hang Seng closed 1.53% in the green.
Asian indices started the week strong due to the increasing number of countries preparing to end lockdowns. The Nikkei closed trade 2.56% higher.
Despite the local currency reaching an intraday high of R18.20, it lost ground towards the end of business due to poor risk-on trade. At 17h50, the rand traded R18.39/$.
Investors turned to the greenback on Monday, weighing bullion prices down, in fear of a second wave of the coronavirus. An ounce of spot gold cost $1 696.99 at 17h50.
The drop in oil prices was offset somewhat on Monday by Saudi Arabia cutting output to curb oversupply. At 17h50, a barrel of Brent crude traded at $27.52.
Source: Reuters, Business Day, Trading Economics
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