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The long weekend helped the rand recover from the more than R12.50 to the dollar it weakened to last week to trade at R12.31 at 7am on Monday morning.
Trade is likely to be thin on the JSE. Besides many South Africans taking Monday off ahead of Tuesday’s Workers’ Day holiday, Tokyo Stock Exchange was closed to commemorate the birthday of Emperor Hirohito.
Mainland China’s Shanghai Stock Exchange was closed for both Monday and Tuesday for May Day celebrations, but the Shenzhen composite index was up 0.67% and Hong Kong’s Hang Seng index was up 1.5%.
Naspers’s Hong Kong-listed associate Tencent was up 0.93% to HK$392, with tech stocks buoyed by Deutsche Telekom’s subsidiary T-Mobile bidding $26bn for US telecommunications group Sprint.
Old Mutual holds its annual general meeting (AGM) in London, commencing at 10am South African time. The insurance group on April 20 announced its time table for separately listing its UK arm, Quilter, and distributing most of its Nedbank holding to shareholders.
Steinhoff International, which fell 11.3% to R1.96 on Thursday when the JSE closed ahead of Friday’s Freedom Day holiday, last traded at €0.13 in Frankfurt — which equated to about R1.94 at Monday morning’s exchange rate of R14.94 to the euro.
Steinhoff’s share price fell on Thursday after it confirmed that its former chairman Christo Wiese was suing it for about R59bn. – BusinessLive
Bongani Ndlovu