The JSE closed firmer on Thursday after a series of corporate earnings reports. Mining, industrial and banking counters delivered solid results, with Naspers (JO:NPNJn) gaining 6%, its biggest daily jump since 7 July 2022. However, “insurance stocks reversed gains to close 2.02% weaker after the Competition Commission said it was investigating at least eight of them for possible collusive behaviour,” BusinessDay reported. The rand made good use of the softer US dollar, trading at R16.80/$ at 18h00.
Asian markets rebounded on Thursday. Despite morning trade being suspended due to a typhoon in Hong Kong, the Hang Seng made its biggest jump since April 2022, trading over 3% higher. The Shanghai was around 1% higher after Beijing announced new stimulus measures to boost the economy recovering from the pandemic, power shortages and property sector struggles. Japan’s Nikkei also ended its losing streak, lifted by tech and pharma stocks.
Wall Street ended trade stronger, raised by tech-related shares, while investors shifted their focus to today’s speech by Fed Chair Jerome Powell at the Jackson Hole Economic Symposium, hoping for more clarity around the Fed’s inflation fight. Tech and oil counters were star performers in Europe, boosting markets despite rising concerns around a possible recession.
Oil slid on Thursday as volatility continued amid the possible return of Iranian oil exports and demand concerns. Spot gold made the most of the softer US dollar as investors awaited Powell’s upcoming speech, inching up to close at $1755/oz at 18h00.
