JSE could extend gains on Wednesday on reopening optimism

JSE could extend gains on Wednesday on reopening optimism

2020-06-03 08:25:00 AM

JSE could extend gains on Wednesday on reopening optimism

Asian markets are firmly higher, though violent riots in the US remain a threat to sentiment

karl gernetzkyJSE. Picture: REUTERSThe JSE could take its lead from firmer Asian markets and extend gains on Wednesday, with sentiment benefiting from the optimism around the return of economic activity as economies ease lockdown restrictions.Focus is also on the US, where violent protests and looting have led to the prospect of military forces being deployed to support the police.

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“As history suggests, when governments put boots on the ground to quell civil unrest, it never ends well,” AxiCorp chief global markets strategist Stephen Innes said in a note.In morning trade, the Shanghai Composite was up 0.5%, while Japan’s Nikkei and Hong Kong’s Hang Seng had both added more than 1%.

Tencent, which influences the JSE via Naspers, was flat.The rand was 0.33% firmer at R17.09/$, with interest in riskier assets keeping the dollar under pressure, Peregrine Treasury Solutions executive director Bianca Botes said in a note.Gold was flat at $1,725.03/oz while platinum had fallen 0.12% to $837.75. Brent crude was 1.16% higher at $39.98 a barrel.

Standard Bank’s purchasing managers index (PMI) for May is due out later in the day, but overall the local calendar is quiet. Read more: Business Day »

MARKET WRAP: JSE firms on reopening optimism, despite geopolitical threatsInvestors are now turning to the prospects of a global recovery after the coronavirus 🔒

JSE rises as reopening of economies bests nerves about political tensionMomentum remains strong, and global equity markets look set to stay forward-looking, one analyst says

JSE rises as reopening of economies bests nerves about political tensionMomentum remains strong, and global equity markets look set to stay forward-looking, one analyst says

MARKET WRAP: JSE firms on reopening optimism, despite geopolitical threatsInvestors are now turning to the prospects of a global recovery after the coronavirus 🔒

JSE rises as reopening of economies bests nerves about political tensionMomentum remains strong, and global equity markets look set to stay forward-looking, one analyst says

JSE rises as reopening of economies bests nerves about political tensionMomentum remains strong, and global equity markets look set to stay forward-looking, one analyst says