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The JSE closed Monday 0.94% higher after strong
half-year financial results from Naspers and optimism about a COVID-19 vaccine
boosted risk-on trade.
Most Wall Street indices opened stronger on Monday on the back of reports that in only a few weeks the first COVID-19 vaccine could be rolled out. At 18h00, the Dow Jones was 0.78% in the green.
Main European shares closed lower on Monday as
concerns about economic restrictions on the continent to curb further waves of
COVID-19 weighed on investor sentiment.
The Hang Seng traded flat on Monday at a 0.13% increase and 26 486.20 points; although cyclical stocks performed well on the back of more positive COVID-19 vaccine reports, gains were capped by US-China trade tensions.
Japanese markets were closed on Monday for a public holiday.
The local currency shrugged off Friday’s ratings
losses, strengthening to an almost two-week peak on Monday due to hopes that a
COVID-19 vaccine could be rolled out soon.
Gold prices fell over 2% on Monday, reaching its lowest point in four months, due to “better-than-expected US business activity data and promising COVID-19 vaccine trials”. Gold traded at $1 836.97/oz at 18h00.
On Monday, oil climbed 2%, trading at $45.73 a barrel at 18h00, as optimistic COVID-19 vaccine reports increased traders’ hopes that oil demand will rise.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer