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Optimism that more countries will soon resume economic activity lifted global sentiment on Monday while the JSE rose to its best level in a month on hopes of finding a vaccine for COVID-19. At the closing bell, the All Share gained 3.53%.
US stocks traded higher on Monday as hopes of finding a coronavirus vaccine boosted global markets after Moderna, a biotechnology company said “results from the experimental vaccine were promising”. At 19h00, the Dow was up 3.61%.
European markets also cheered the resumption of economic activity on Monday as epicentres of the outbreak including New York, Italy and Spain gradually began to lift lockdown restrictions. At 19h15, the FTSE 100 gained 4.29%.
A rally in Hong Kong stocks was led by a strong performance in the energy sector as investors bet that the resumption of economic activity would drive a global recovery. The Hang Seng Index closed up by 0.58%.
Japanese shares shrugged off escalating tension between the US and China, closing in the green as investors focussed on signs of a slowdown in new COVID-19 cases. At the close of business, the Nikkei gained 0.48%.
On par with most emerging market currencies, the rand strengthened as global markets cheered the prospect of easing lockdown regulations. At 19h30, a dollar traded at R18.39.
Gold prices fell as risk appetite returned to the markets on Monday after the trade spat between the US and China, coupled with poor economic data from the US failed to rattle investors. An ounce of gold traded at $1 730.71 at 19h40.
Oil prices surged to a one-month high on Monday supported by “output cuts and signs of a gradual recovery in fuel demand” as more countries eased lockdown restrictions. At 20h00, a barrel of Brent crude traded at $33.22.
Source: Reuters, Business Day, Trading Economics
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