The JSE tracked firmer Asian markets during the morning trading session before ultimately closing flat while global peers were mixed as investors wait for fresh news to gauge a sense of direction.
The all-share index has remained above the 80,000-point mark with investors buoyed by the Chinese economy reopening and bets on the US Federal Reserve slowing its aggressive interest rate hikes amid a slowing economy.
The local bourse lost 0.11% to 80,037 points.
At 05.15 pm, Germany’s DAX was 0.41% lower, France’s CAC 40 was 0.22% lower, and London’s FTSE 100 was 0.30% lower. Across the Atlantic, the Nasdaq is 0.65% lower while the S&P 500 is 0.34% lower.
In the currency markets, the rand opened a touch weaker at R17.19 and has failed to take advantage of the softer dollar, comments forex trading house TreasuryONE.
At 05.04 pm, the rand was trading weaker at R17.2757/$. The local unit is weaker against the euro at R18.7563 and stronger at R21.2128 against the pound.
“Thursday’s US Q4 GDP number might kick start some action in the currency markets,” says TreasuryONE.
The South African Reserve Bank is due to announce the outcome of its monetary policy committee meeting on Thursday where the central bank is expected to hike key interest rates by a further 25 basis points, comments TreasuryONE.
Pharmacy group clicks said in a trading update on Tuesday, it has picked up additional market share as trading patterns continue to normalise following the Covid-19 pandemic. The group said retail sales, excluding Covid-19 vaccinations, were 12.2% higher for the 20 weeks to end-January 15 while sales in comparable stores had risen by 8.9%.
Later today, Microsoft will become the first mega tech firm to report its fourth-quarter earnings for 2022 with the expectation that profits will fall despite an 8% rise in revenues.
Microsoft recently announced job cuts that will affect 10,000 employees while the tech firm has also committed to a multiyear, multi-billion-dollar investment in artificial intelligence firm OpenAI – the creators of the popular ChatGPT.
