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Please note that this is the last edition of the Daily Investment Update for the year and we would like to take this opportunity to thank you for your continued support throughout 2020. We wish you a happy festive season. The next edition will be distributed on 12 January 2021.
The JSE surged to its best level in over two years on Thursday amid progress in fiscal stimulus talks in the US. At market close, the All Share rose 1.79%.
Increased optimism over a COVID-19 stimulus bill boosted US markets at the opening bell on Thursday. At 19h15, the Nasdaq rose 0.68%.
Stocks rose on Thursday as growing hopes of a Brexit deal, a COVID-19 stimulus bill in the US and a vaccine rollout plan in Europe lifted sentiment. At 19h20, the DAX gained 0.75%.
Prospects of additional US fiscal support and the US Federal Reserve’s (Fed) pledge to keep interest rates near zero, boded well for the Hong Kong stock market. The Hang Seng ended the day 0.82% higher.
At the close of business, the Nikkei share average rose 0.18%, tracking a global wave of optimism around a $900 billion COVID-19 aid bill but gains were capped by the increasing numbers of infections country-wide.
The rand strengthened to R14.66/$, R19.89/£ and R17.97/€ at the close of business, tracking firmer global markets.
Spot gold traded 0.57% higher on Thursday as “a combination of an additional stimulus package, along with additional bond buying and asset purchases from the Fed bode well for investor sentiment”.
Growing Asian demand and a weakened dollar environment pushed oil prices to a nine-month high on Thursday. At 19h30, Brent crude rose 0.86%.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer