JSE to contend with mixed Asian markets on Wednesday

The JSE faces mixed Asian markets on Wednesday, with sentiment taking a bit of a knock after reports cast doubt on the results of a trial of Moderna’s Covid-19 vaccine.

Oanda senior market analyst Jeffrey Halley agreed with Stat News’ view that the sample size of eight trials was open to various biases, such as age and gender, and was small.

He said the overnight retreat looked like corrective profit-taking rather than an abrupt change of direction.

A bounce back in machinery orders in Japan was seemingly supporting that market.

In morning trade, Japan’s Nikkei was up 1.16% while the Shanghai Composite had fallen 0.45%. Tencent had gained 1.16%.

Gold was up 0.22% to $1,748.20/oz while platinum had risen 1.17% to $838.48. Brent crude was up 1.16% to $34.91 a barrel.

The rand was 0.28% firmer at R18.28/$.

Afrimat is expected to report its results for the 12-months to end-February later in the day. The results should include details on the resumption of activities as SA’s lockdown continues, albeit at a reduced intensity.