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The JSE enjoyed its sixth session of gains in a row on Monday, marking the longest winning streak since January 2020, due to optimism about COVID-19 vaccine developments. The All Share closed up by 0.43%.
Wall Street opened strong on Monday, lifted by global vaccine optimism and a number of merger and acquisition activities in the US, such as reports that Oracle won ownership of the US TikTok operations. At 18h45, the Nasdaq had gained 2.03%.
Despite the energy sector being battered on Monday, European markets reported a slight gain for the day thanks to the surge in travel and tech shares. The STOXX 600 ended the day 0.15% higher.
The Hang Seng closed up 0.56% on Monday thanks
to COVID-19 vaccine hopes and ahead of several central bank interest rate
decisions expected later this week.
On Monday the Nikkei reported it highest level since February this year after Chief Cabinet Secretary Yoshihide Suga was elected as the ruling party’s new leader to succeed Prime Minister Shinzo Abe.
The local currency strengthened on Monday as
global risk appetite rose as news of a COVID-19 vaccine boosted sentiment. At 18h45,
the rand traded at R16.66/$.
A weaker dollar and dovish expectations from the US Federal Reserve later this week led to gold rising by almost 1% on Monday. An ounce of gold cost $1 965.53 at 18h45.
Despite tropical storm Sally disrupting US oil production, oil prices extended losses on Monday due to global economic recovery worries and Libya being set to resume output. By 18h45, oil had fallen to $39.34 per barrel.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer