JSE shatters records as markets celebrate US-China trade deal

Stocks on the JSE defy local employment figures and rally to a fresh record high

- SIPHELELE DLUDLA

STOCKS on the JSE defied disheartening local employment figures and rallied to a fresh record high on Wednesday, surging past the 93 000-points mark as the easing tensions between the US and China also buoyed global markets.

The world's two largest economies have agreed to cut the hefty import tariffs on each other's goods for 90 days whilst negotiations for a permanent deal are underway. The US will lower those tariffs from 145% to 30%, while China's retaliatory tariffs on US goods will drop to 10% from 125%.

US President Donald Trump said weekend talks had resulted in a "total reset" in trade terms between the US and China.

As the markets cheered the news, the JSE All Share Index soared by 0.5% to 93 072 points on Wednesday just after beginning early morning trade before snapping those gains to end at 92 487 points by 5pm.