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The JSE rose for a second consecutive day on Tuesday as global markets recovered despite the coronavirus death toll rising to more than 420. The All Share closed up by 1.77%.
Wall Street surged on Tuesday as fears of a heavy economic impact from the coronavirus epidemic tapered off after China’s central bank intervened for the second day. Shortly after the JSE closed, the Dow was up 1.52%.
European shares climbed higher on Tuesday, extending their recovery from a sharp sell-off last week that was driven by concerns over a virus outbreak in China. Just after the JSE closed, the FTSE 100 added 1.32%, France’s CAC 40 1.47% and Germany’s DAX 30 1.56%.
Hong Kong stocks rose on
Tuesday, as measures by China’s central bank eased concerns about the rapidly
spreading coronavirus outbreak. The Hang Seng index closed up by 1.21%.
Japanese stocks edged up on Tuesday, as Chinese shares steadied somewhat, but sentiment remained fragile as investors fretted over the growing economic and human costs of a virus outbreak. The Nikkei index ended up 0.49%.
The rand entered its second day of gains and was the best-performing among emerging-market currencies on Tuesday. At 17h30pm, it had strengthened 0.75% to R14.75/$.
Gold eased on Tuesday as investors booked profits, but concerns about a rapidly spreading virus outbreak in China and its economic impact underpinned the precious metal. An ounce of gold traded at $1 551.11 at 19h30.
Oil prices bounced on Tuesday, edging up on hopes that more cuts in crude production from OPEC and its allies would offset demand destruction related to the coronavirus outbreak. A barrel of Brent crude traded at $55.59 at 19h30.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer