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Despite positive US jobs data for January released on Friday, the local bourse still ended the week in the red due to disappointing performances from Naspers as well as food and drug retailers. The JSE closed 0.42% down.
US indexes had a mixed day on Friday. The US unemployment rate for January surpassed market expectations, calming investor apprehensions over a decelerating US economy; however, Amazon’s losses weighed heavily on the Nasdaq. At the end of trade, the S&P 500 was only 0.10% in the green.
European markets ended Friday on a positive note because of buoyant US non-farm payroll data and optimism around the US-China tariff spat lifted European shares. The STOXX 600 closed up 0.28%.
The Shanghai Composite closed the week on a high, as investor optimism around a trade deal between China and the US soared, easing fears around a slowing economy. At 22h15 on Sunday, the Shanghai rose by 1.30%.
On Friday Japan’s Nikkei closed almost flat due to gloomy company results from Nomura Holdings and Nintendo offset gains from earlier the week. The Nikkei was marginally up by Sunday, 22h15.
The rand traded softer on Friday against most major currencies based on weak Chinese data released – China’s manufacturing sector fell further. At 22h15 on Sunday, the rand traded R13.36 to the dollar.
On Friday gold prices slipped in light of the favourable January US non-farm payroll figures released. However, despite this slip, on Friday afternoon gold had gained over 1% during the week. At 22h15 on Sunday, spot gold traded $1 320.75 an ounce.
Brent crude ended the week up by 0.39% due to an increase in demand, possible US supply cuts and upbeat trade war talks between the US and China. At 22h15 on Sunday, a barrel of Brent crude cost $61.98.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer