Global equity markets moved higher yesterday as latest results from the US presidential election showed President Donald Trump and Democratic Party nominee Joe Biden neck and neck for the presidency. The JSE gained close to a percent, while the rand strengthened by more than two percent against the dollar. In a client note, TreasuryOne said that every time it looked like Biden was taking the lead, emerging-market currencies including the rand moved onto the front foot.

In quiet news day for the local market, Mr Price warned investors that it will report a decline in first-half earnings after losing out on billions of rands worth of sales due to lockdown restrictions. Its trading statement was published after the close of trade today so look out this morning for the market's reaction.

Meanwhile, Steinhoff says all of its creditors bar one have backed a settlement proposal for litigants who are suing the company for the financial fraud that resulted in a collapse in its share price almost three years ago.

Also today, Shoprite and Equites have concluded all the legwork for a joint venture that will incorporate a number of the retailer's distribution centres. And the JSE has finalised the acquisition a majority stake in Link Market Services as it diversifies revenue streams.

I hope you have a good day.

Stephen Gunnion

Managing Editor, InceConnect

The latest from Ingham Analytics

Ingham Analytics have warned against getting caught up with rose-tinted predictions for a 'V'-shaped economic recovery. Price signals in the oil patch, in stock market sectors such as transport, volatility indices and foreign exchange look ominous according to top trader Andrew Kinsey in "Buckle up?"

Other notes of current relevance include "Ant's away" (not least because Alibaba has been prevented from listing Ant Group) and the Prosus repurchase announcement.