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JSE faces pressure on Wednesday as oil rout continues

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South Africa Headlines News

Asian markets are lower as the oil price keeps falling, while in SA a R500bn stimulus package has been announced

The JSE will open to weaker Asian markets on Wednesday morning, with the oil price continuing its fall overnight.

The US Senate on Tuesday approved a new stimulus package worth almost $500bn, while the bourse in Johannesburg will also react to news of a local stimulus package worth R500bn. The social and economic support package announced by President Cyril Ramaphosa includes a R200bn guaranteed loan support programme for local businesses.

Asian markets were weaker, with Japan’s Nikkei down 1.32% and Hong Kong’s Hang Sen 0.53%. Tencent, which influences the JSE via Naspers, which is its largest shareholder, was up 0.95%, and could help lift the local bourse.

Source: Financial Digest (financialdigest.net)

 

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