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MARKET WRAP: JSE gains as markets await further news on the US-China trade war

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The rand was the best performing among emerging-market currencies tracked by Bloomberg over the past five days

The JSE closed higher on Tuesday, while global markets were mixed, as developments in the US-China trade war have become fairly muted.

Earlier, the Shanghai Composite rose 0.85% and Hong Kong’s Hang Seng 1.55%, while Japan’s Nikkei 225 fell 0.53%. Bloomberg reported on Tuesday that the yields on Eskom’s 2021 dollar bonds climbed the most in nine months following the appointment of Nampak CEO Andre de Ruyter, suggesting that investors may not be convinced that the new CEO can turn some of the power utility’s challenges around.

Coronation Fund Managers reported a 14.5% decline in revenue to R3.3bn in the year to end-September. The company also said it expects net flows to remain negative as the savings industry battles a weak economic environment. It declared a dividend of R3.41, down 18.8% from the previous year. Coronation’s share price gained 3.79% to R43.30.Stor-rage raised its dividend per share by 7% to 54.89c in the six months to end-September.

 

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