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Tuesday was a flat trading day for the local bourse as investors awaited the outcome of the US Federal Reserve’s (Fed) monetary policy decision as well as the local medium-term budget policy statement (MTBPS) to be delivered by Finance Minister Tito Mboweni later today. At the closing bell, the All Share had lost 0.08%.
It was a mixed Tuesday for Wall Street as upbeat earnings
reports from Pfizer and Merck boosted the market, but disappointing results
from Alphabet capped gains.
Most European markets were hit on Tuesday by weak earnings reports, which weighed heavily on investor sentiment. It was the first drop in seven sessions. At 18h45 the STOXX 600 was down by 0.18%.
Asian indices closed down on Tuesday due to profit taking
and warnings that “Hong Kong could record negative growth for the full 2019
year”. At the close of trade, the Shanghai Composite Index was 0.87% in the red.
The Nikkei extended gains on Tuesday after US President Donald Trump said on Monday that he expected “to sign a significant part of the trade deal with China ahead of schedule,” boosting investor sentiment. The Nikkei closed up 0.47%.
The local currency fought hard on Tuesday after a special paper, released ahead of the MTBPS later today, touched on an Eskom bailout plan of R59 billion. At 18h45, a dollar traded at R14.59.
Gold prices fell to a one-week low as traders believe there's a 94% chance that the Fed will cut the US interest rate by 25 basis points later this week, boosting risk-on trade. At 18h45, gold traded at $1 488.80 per ounce.
The oil price steadied on Tuesday as investors were optimistic that the trade war between the US and China could ease up in the coming month. A barrel of Brent crude traded at $61.81 at 18h45.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer