The JSE closed higher on Wednesday as global market sentiment remained strong on the back of expectations that the next round of talks between the US and China may be one step closer to resolving the ongoing trade dispute while stimulus by the Chinese authorities continue to boost markets in Asia. In addition to the firmer global sentiment, the JSE also saw the unbundling of e-commerce company Prosus from Naspers, where the former will maintain a secondary listing on the JSE and a primary listing is on the Euronext Exchange in Amsterdam. For the session, the All Share Index close higher by 1.64%, while the Top 40 index added 1.77%.
The Rand, which reached a 5-week high of 14.60 in early trade, found itself on the back foot for most of the session, only managing to recoup most of it’s losses after the market close. This morning (just before 8am) we trade at 14.66 versus the US Dollar.
In Europe stocks closed in the green, with the EuroStoxx 50 adding 0.51% while the DAX gained 1.74%. In the United States, markets closed in the green with the S&P500 finishing the session at 3000 while the Dow Jones Industrial Average and Nasdaq 100 added 0.85% and 0.94% respectively.
Technical Trade Idea: Buy/Long Sappi Ltd (SAP)
Buy SAP below 4460c (last close was 4533c)
Take Profit Targets: 5110c and 5300c
Please chat to the Unum Capital Trading Desk to take advantage of any trading opportunities.
All the best,
Unum Trading Desk Analyst
Tel: 011 384 2923