JSE faces subdued Asian markets amid more load-shedding

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The JSE faces subdued Asian markets on Wednesday morning, with load-shedding reinstated, while Tyhpoon Higos has delayed trade in Hong Kong.

The US S&P 500 pushed higher overnight, as did the tech-heavy Nasdaq, led by tech giants and large retailers.

“When all was said and done though, the gains were modest in scope, with both indices creeping into new highs, not exploding higher,” said Oanda senior market analyst Jeffrey Halley in a note.

Locally, load-shedding is set to continue on Wednesday, dealing further damage to an economy struggling to recover from Covid-19.

In morning trade on Wednesday the Shanghai Composite was down 0.3%, while Japan’s Nikkei was up 0.2%.

Gold was down 0.3% to $1,993.80/oz while platinum had fallen 1.01% to $953.82. Brent crude was 0.22% higher at $45.12 a barrel.

The rand was little changed at R17.32/$, having gained 1% on Tuesday.

Locally, private school group Curro is due to report a fall in profit in the six months to end-June, having benefited from the reversal of a deferred tax provision in the year-earlier period.

Automotive supplier Metair is due to release its half-year results to end-June later, and could give details on investment plans after securing major new contracts in South Africa for new vehicle types.


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