Covid-19 treatment hopes may boost JSE on Monday

The JSE may take its lead from firmer Asian markets on Monday morning, with sentiment lifted by positive news on the Covid-19 front.

The US has authorised a treatment for Covid-19 patients using blood plasma, while there are further hopes a vaccine will be approved in coming months.

Covid-19 cases are rising in South Korea, while US-China trade tension persists.

All eyes are on the annual Jackson Hole symposium this week as markets continue to seek guidance on US monetary policy while the US economy remains strained, said Peregrine Treasury Solutions executive director Bianca Botes in a note.

In morning trade the Hang Seng was up 1.47% while the Shanghai Composite had risen 0.18%.

Tencent, which gives direction to the JSE via Naspers, had risen 3.76%.

Gold was down 0.72% to $1,932.53 an ounce while platinum was flat at $917.18. Brent crude was little changed at $44.28 a barrel.

The rand was 0.17% firmer at R17.11 a dollar.

There is little on the local economic calendar on Monday, while Absa is due to report its results for the six months to end-June later, saying in a recent trading update Covid-19 had prompted a sharp drop in profits.