The JSE tracked global markets higher following the resignation of British prime minister Liz Truss, which also saw the pound trading on the front foot.
Truss was forced to resign after just 44 days in office after her controversial tax cut plan backfired spectacularly, which led to her firing close political ally and chancellor of the exchequer Kwasi Kwarteng.
“US stock futures fluctuated as investors assessed resilient company earnings against an unexpected drop in jobless claims,” reports Bloomberg while the pound traded firmer and UK bonds also climbed following Truss’ resignation.
The local bourse added a slim 0.22% to see the All Share Index close at 65,794 points. The bourse was trading weaker during the morning session along with global peers as the threat of a global slowdown stoked fears.
There is also concern that China’s economic outlook and a rise in Covid cases are beginning to weigh on investor sentiment.
In the currency markets, the rand is currently trading stronger versus the dollar while it is weaker against the euro and pound. The local unit is trading at R18.21/$.
