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The JSE started the week slightly higher, closing up 0.15%, lifted by vaccine optimism as a US biotechnology company announced positive trial results; however, gains were capped as Shoprite reported a loss of over 8% for the day.
Wall Street started the week strong after reports from a US-based biotech group, Moderna, stated that “its experimental vaccine was 94.5% effective in preventing COVID-19”. At 17h50, the Dow Jones had gained 1.25%.
Optimistic sentiment boosted European markets on Monday thanks to Moderna’s news and economic recovery signs from Asia. The STOXX 600 closed 1.18% higher.
The Hang Seng started the week on a higher note and closed at 0.86% as positive data from mainland China indicated that the world’s second-largest economy is recovering.
The Nikkei closed 2.05% in
the green on Monday, reaching its highest point in 29 years after Japan's
economy reported its “first expansion in four quarters”.
Emerging market currencies enjoyed a boost on Monday thanks to Moderna’s vaccine news; the local currency even more so as investors digested reports that the country’s economic growth strategy is back on track. At 17h50, the rand traded at R15.35/$.
Gold prices edged up on Monday as investors evaluated the rising global COVID-19 cases, possible US stimulus plans and Moderna’s vaccine claims.
Oil prices rose to $44.19 a barrel for Brent crude on Monday, an almost 2% climb, due to Moderna’s clam that “its experimental vaccine was 94.5% effective in preventing COVID-19”.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer