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Welcome to our first newsletter for 2019. We wish you a prosperous new year.
The JSE followed in the footsteps of most global markets by closing up on Tuesday due to easing trade tensions. At the end of business, the All Share was 0.40% higher and the Top 40 0.52%.
Major US indexes opened Tuesday in the green in hopes that the global economic superpowers will reach an agreement and put an end to market trade friction. Reuters reported that both sides seemed optimistic about reaching a conclusion.
European markets enjoyed a positive Tuesday on hopes the US and China might reach a deal leading to positive market sentiment. At the close of trade, the STOXX 600 was 0.87% in the green.
While the Hang Seng managed to rise somewhat on Tuesday as the world’s two largest economies resumed trade negotiations, Chinese shares slipped. At 19h10, the Hang Seng traded 0.10% up, and the Shanghai had lost 0.26%.
Japanese indices also enjoyed a good Tuesday as global trading sentiment picked up in the hope of a Sino trade deal being struck. At 19h00, the Nikkei had moved up to 0.90%.
Although the rand broke the R14/$ barrier, the greenback strengthened again on Tuesday in light of the US-China trade negotiations easing tension. At 18h40, the rand traded R13.97 to the dollar.
The bullion market lost some ground on Tuesday as the dollar recovered on hopes of a trade deal between the US and China. At 18h45, an ounce of gold cost $1 284.55.
Oil prices increased on Tuesday due to the trade negotiations and to OPEC possibly extending supply cuts. At 19h15, Brent crude cost $58.38 per barrel.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer