MARKET WRAP: JSE in broad-based recovery amid Chinese stimulus

News that China had lowered credit costs for local businesses helped boost local markets, with diversified miners faring best on the daySigns that the governments of China and Germany are prepared to meet their respective economic slowdowns with stimulus measures helped lift the JSE on Monday, with the local bourse recovering almost 1%.

There was a chance that stimulus measures, along with a stabilisation of the US-China trade-war situation, could provide a “springboard” for equities, but sentiment remained tenuous, said Vanguard Markets managing partner Stephen Innes in a note. Gold was down 0.82% at $1,500.87/oz while platinum had added 0.72% to $855.99/oz. Brent crude was 0.99% higher at $59.24 a barrel.

City Lodge slipped 1.56% to R93.52, extending its 2.56% loss on Friday, which followed its announcement that full-year net profit fell 26% to end-June.

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