A bit of green and red

The JSE managed to close in the green despite the redness being experienced the rest of the world.

MTN gained a massive 6% after the announcement that MTN is set to expand into Botswana. Tiger Brands managed a 4.48% gain while Steinhoff floated 3.59% higher.

The currency managed to make gains against the dollar and pound while it remained stable against the euro. The dollar weakened against the euro, although it did not have a positive impact on the commodity market.

Gold, platinum and oil dropped around 1.5% yesterday. Dell’s disappointing outlook in combination with another interest rate hike kept the US stocks in the red.

The FTSE was the only market in Europe that managed to keep itself out of the red, while France and Germany succumbed to the red side. This morning the markets in the East are weaker with the Nikkei moving away from its 4 year high levels.

With the US and Europe closing in the red and the Far East weaker this morning we expect that the JSE will trade lower but not significantly.