SA Company News:
Tencent, of which the Naspers stable is the single biggest shareholder, has been hit by a fine from Chinese regulators for anticompetitive behavior. Anglo American Platinum is due to report a surge in profits for its half-year to end-June later, as it bounces back from a tough first half of 2020.SA back to level 3 lockdown this could benefit local hospitality and leisure stocks on Monday, with the corporate calendar light on the day.
Local news is more positive, with President Cyril Ramaphosa announcing a return to level 3 lockdown on Sunday night. The fourth alcohol sales ban has been lifted, though some restrictions remain, while interprovincial travel for leisure is now permitted.
US markets hit record highs on Friday but a Chinese crackdown on tech stocks has the Hang Seng down 2.9% and the Shanghai Composite down 2.2% this morning. All eyes will be on the FOMC on Wednesday and indications of when and how the Fed will start tapering asset purchases. The market continued to buy-the-dip with Tech once again outperforming.
Gold was up 0.22% to $1,805.91/oz while platinum had risen 0.49% to $1,064.68. Brent crude was 0.69% weaker at $73.68 a barrel.
The rand weakened to R14.91/$, trading at around a four-month low.
Bitcoin recovers towards the $38,500 level.
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