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The ALSI continued its winning streak on Tuesday, closing 0.30% up, as it followed the strong performances of other global markets.
Wall Street opened lower on Tuesday as the tech sector was knocked by rising US bond yields. At 17h20, the S&P 500 had lost 0.30
European markets traded
higher on Tuesday due to climbing investor sentiment “on hopes of a
vaccine-driven economic recovery”. The STOXX 600 closed up 0.71%, measuring
just under its pre-pandemic peak.
By the close of trade on Tuesday, the Hang Seng had gained 0.84% alongside other Asian markets on investor optimism about the global vaccination programme.
After the Bank of Japan announced it would only buy “Topix-linked exchange traded funds,” the Nikkei took a knock; however, the underperformance did not last. The Nikkei closed 0.77% in the green.
The rand remained below
the R15/$-threshold on Tuesday but was little changed after the announcement
that President Cyril Ramaphosa would address the nation and update local
lockdown restrictions ahead of the Easter long weekend. At 17h30, the local currency
stood at R14.91/$, R20.46/£ and R17.49/€.
Gold fell almost 2% on Tuesday, reaching a nearly three-week low as the US dollar remained firm on hopes of a faster US economic recovery. At 17h30, spot gold traded $1 683.96/oz.
On Tuesday, the oil price lost ground as the Suez Canal was finally reopened to traffic; however, all eyes remain on the OPEC+ meeting later this week. At the close of the local market, Brent crude traded at $64.48 per barrel.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer