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The ALSI reported a 1.13% gain at the closing bell on Thursday, as investor sentiment was lifted by details around the US stimulus spending plan, better-than-expected PMI results, and superb performances from Prosus and Naspers.
Wall Street opened higher on Thursday, boosted by tech shares, after more details around the US government’s spending plans were released. At 17h45, the Dow Jones stood 0.34% higher.
Despite France introducing another lockdown, European markets started the new month on a high note thanks to investor optimism about the US stimulus spending plan and robust factory data from the EU.
At the close of trade on Thursday, the Hang Seng had climbed 1.98% higher, lifted by a strong run from the tech sector and optimism around US President Joe Biden’s government spending plan.
The Nikkei ended the day 0.72% in the green, despite reporting an almost 2% drop for the week as investors booked profits on the back of renewed Covid-19 fears in Europe.
The rand continued climbing on Thursday, lifted by the local PMI figures that surpassed expectations and marking its highest level since October 2020. At 17h45, the local currency stood at R14.65/$, R20.27/£ and R17.24/€.
Disappointing jobless claims data released on Thursday, a softer dollar and a retreat of US bond yields boosted bullion’s safe-haven appeal. At 17h45, spot gold traded $1 729/oz.
Oil rose significantly on Thursday after OPEC+ agreed to systematically lower output production as of May 2021 to reduce oversupply and support prices. Brent crude traded at $63.02 per barrel at 17h45.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer