JSE looks set for gains as global Brexit recovery continues

THE JSE looked set for its fifth trading day of gains on Monday morning as global stocks continued to rebound from the June 24 Brexit crash.

The MSCI Asia index recovered to 129.63, just short of the 130.06 points it reached on June 23, and the MSCI World index on Friday rose to 1,660.26, slightly under the 1,691.76 it reached on June 23.

The Australian Securities Exchange’s main indices were green on Monday morning despite no clear winner emerging from Saturday’s general election.

The results, which were still being counted on Monday morning, indicated the contest between Prime Minister Malcolm Turnbull’s Liberal Party and the main opposition Labour Party would be decided by who could court the most support from smaller independent parties.

Moody’s and Fitch issued statements saying short-lived political uncertainty was unlikely to affect Australia’s AAA sovereign credit rating.

BHP Billiton gained 2.1% to A$19.49 in Sydney on Monday morning, on stronger commodity prices.

Brent oil held at nearly $50 a barrel after rising 1.3% on Friday on news Nigerian militants were threatening to disrupt supply.

No JSE company results have been announced for release on Monday.

by Robert Laing/BDlive