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The local bourse surged on broad-based gains, led by a stellar performance by market heavyweight Naspers on Wednesday, with only the resources index under pressure from a sharp decline by BHP. At 18h00, the All Share was 0.72% higher.
Wall Street remained subdued on Wednesday in the absence of new developments on trade negotiations between Beijing and Washington, with investors taking a breather after a solid run in equities since the beginning of the year. At 18h00, the Dow had fallen 0.30%.
European shares endured a choppy day of trade on Wednesday as poor performance by the auto sector weighed heavily on the markets and dragged investors’ confidence. At 18h00, the pan-European STOXX 600 index was up 0.09%.
Boosted by optimism that Beijing is set to add more economic stimulus to fix the ailing economy, Hong Kong shares traded higher on Wednesday, while investors kept a close eye on developments in the US-Sino trade negotiations. The Hang Seng ended the day 0.26% higher.
The Nikkei continued to drop further away from a three-month crest on Wednesday after US shares remained subdued, while investors in the retail sector disregarded reports that North Korea had rebuilt a missile launch site days after a summit between Trump and Jong-un failed to denuclearise the Korean Peninsula. At 18h20, the Nikkei had lost 0.54%.
The rand weakened against major global currencies on Wednesday with the local markets uninspired by the absence of new developments in the US-China trade talks. At 18h30, the rand traded R14.20 against the dollar.
Gold prices slipped on Wednesday amid a strengthened dollar environment as a higher appetite for riskier assets weakened the appeal of the precious metal. At 18h30, spot gold was trading at $1 286.29 an ounce.
Oil prices fell on Wednesday as strong output forecasts by US producers outweighed Opec-led efforts to rein in crude production. At 18h35, a barrel of Brent crude was trading at $65.55.
Source: Reuters, Business Day, Trading Economics
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