SA Company News:
The JSE faces mixed but mostly positive, Asian markets on Wednesday morning, with Tencent bouncing back from a tough Tuesday as investors once again grappled with the threat of Chinese regulatory interventions. Insurance group Liberty Holdings is expected to report a return to profit in its six months to end-June later, as it bounces back from a tough first half of 2020 that forced it to set aside R3bn as a pandemic reserve. Improved sentiment should drive the JSE higher.
Pick n Pay rebranded and relaunched its on-demand delivery service, Bottles, to Pick n Pay asap! this month. John Bradshaw said the new PnP asap! service offers a “fresh” new look and improvements with the aim of making grocery shopping easy. Medical aids in pound seats, but regulator still supports new fee hikes amid Covid-19 concerns.
US markets were positive overnight, with the S&P 500 reaching record high and positive corporate earnings competing with the concern about rising infection numbers due to the Delta variant of the coronavirus. Asia-Pacific shares traded mostly higher this morning. Awaiting final services PMI data from across Europe and the UK as well as the Eurozone’s retail sales for June.
Brent crude futures were higher on Wednesday, trading around $72.4 a barrel after hitting below $71 in the previous session, as investors continue to monitor the potential impact of the spread of the coronavirus variant on demand.Gold $1812 managed some gains.
The rand was 0.2% firmer at R14.28/$, having firmed almost 1% on Tuesday.The dollar remained weak in the first trading week of August, not far from July’s lows as fears about slowing US economic growth.
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