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MARKET WRAP: JSE gains as trade-war news lifts sentiment

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China said it hopes that the US will cancel its latest tariffs on $250bn worth of its imports to prevent the war from escalating

The JSE closed firmer on Thursday, in line with most global markets, after China’s latest comments calling for smoother trade negotiations with the US lifted sentiment.

“The lack of clarity is making it extremely difficult for traders to judge where the dispute is heading,” London Capital Group head of research Jasper Lawler said in a note. The Dow added 1.05% to 26,309.01 points, while in Europe, the FTSE 100 was up 0.84%, France’s CAC 40 1.32%, and Germany’s DAX 30 0.92%. Earlier, the Shanghai Composite fell 0.1% while Hong Kong’s Hang Seng rose 0.34% and Japan’s Nikkei 225 was flat.

Woolworths rose 3.61% to R53.93 after the company said on Thursday that its SA sales increased by 5.8% in the 53 weeks to end-June. Grindrod Shipping dropped 3.97% to R72.02 after its net loss increased to $18.9m in the six months to end-June from $13.4m in the previous period.

 

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