JSE closes in the green for 2nd consecutive day

JSE closes in the green for the second consecutive day as the formal employment data for the last quarter of 2019 showed improvement bouyed by community services and trade released by STATS SA. The local unit firmed in the intra-day movement as markets remained upbeat about the data from China. The Rand closed 0.71% firmer at R17.10/$, R19.19 and 1.17% stronger to the Euro while each unit of British Pound costs R22.17, 0.44% in the green

In London, FTSE 100 closed 1.95% firmer albeit reports stating Briton stockpiled as coronavirus lockdown looms. In Berlin Dax closed 0.49% in the red and CAC40 also found it hard closing 0.3% weaker elsewhere, Spain banned rental evictions for six months and orders large landlords to cut rents for tenants impacted by the coronavirus

In Asia, Hong Kong February retailers figures showed a staggering plunge of 44% to $2.3 billion highlighting the gloom outlook for sector that had already been battered by anti government protests last year and Japan plans a record stimulus as the ruling proposed a package worth 60 trillion yen to counteract the spreading coronavirus that is already arresting economies across the globe.

China factory outlook rebounds signaling that indeed the second largest economy in the world may come out of Covid19 thunderstorm less unscathed than any other economy. China’s PMI for this month rose to 52.0. Shanghai Composite Index closed 0.11% stronger. Hang Seng was 2.02% stronger while Nikkie closed 0.88% weaker

In America, US prepare fourth stimulus package to help cope with coronavirus. S&P closed 0.49% firmer as the Index heads for the worst quarter since 1938. Nasdaq went up by 1.03% while Dow Jones closed 0.59% in the green.

The JSE All-Share Index closed 2.48% firmer. Financials by strides led the majors indexes with gains, 7.03% up, Industrials gained 2.29%, while resources and Top40 closed 0.49% and 2.47% firmer, respectively.

The Gold was trading at $1604 per ounce, Platinum 11% up, trading at $735/oz while Palladium was trading at $2420/oz a massive surge of 119%. The brent crude continues to sell below $30, trading at $26 per barrel, 1.53% down.