Market report

Beeks adds Johannesburg SE to client roster


Markets close lower

London’s equity markets closed lower ahead of the Bank of England’s monetary policy decision expected later this week.

The FTSE 100 ended the session down 54.24 points (0.71%) at 7,588.48.

Pharmaceutical giant AstraZeneca took a hit of 1.2%, following a Financial Times report that the company intended to separate its China business.

Beeks Financial Cloud

Gordon McArthur

Beeks Financial Cloud and its partner, IPC, have signed up with the Johannesburg Stock Exchange (JSE), the largest stock exchange in Africa, to power customer private cloud deployments.

The collaboration will see the deployment of an advanced managed Infrastructure-as-a-Service (IaaS) solution for the JSE which the exchange will be able to offer direct to their own customers. JSE’s clients will be able to use all the capabilities of IPC and Beeks Exchange Cloud, including on-demand cloud and analytics capabilities.   

Gordon McArthur, pictured, CEO at Glasgow-based Beeks, commented: “Africa is fast emerging as an influential global player and this is a huge opportunity for Beeks, IPC and the JSE to help drive capital markets innovation and development in Africa.”

Global markets

Sterling was in focus, up to $1.2823 early Monday,against $1.2819 on Friday, ahead of the Bank of England’s interest rate decision on Thursday.

The bank is expected to impose a 25 basis point hike. UK inflation data is released Wednesday and should show a small dip.

In Asia on Monday, equities were weaker, despite an easing of US-China tension. US Secretary of State Antony Blinken met his China counterpart Qin Gang at the start of his two-day trip to Beijing, a visit aimed at rebuilding the poor relationship between the world’s two largest economies.

Mr Blinken is the most senior US official to visit China in years and it was unclear whether he will meet with Chinese leader Xi Jinping before he leaves today.

Tension between the US and China has taken its toll on business confidence in recent months. The Financial Times reports that AstraZeneca is considering spinning-off its Chinese business and listing it in Hong Kong, to better insulate the unit from the geopolitical friction between China and the US and its allies.

The Nikkei 225 index in Tokyo was down 1.3%. In China, the Shanghai Composite was down 0.5%, while the Hang Seng index in Hong Kong was 1.3% lower.

The US markets are closed for a public holiday.

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