Daily Report 30 July 2021

SA Company News:

The JSE continued to push into record-high territory as Naspers, Prosus and Anglo American gained strongly on the day.Healthcare outperformed on the domestic front as Aspen climbed almost 5% on a broker upgrade.Gold and Platinum Miners also performed well on strong metals prices.Sasol climbed with crude.

 

SA Economy:

Finance minister Tito Mboweni expressed a desire to set up a state-owned bank using the South African Reserve Banks stake in African Bank as a starting point.SA is likely to suffer further ratings downgrades as the economy struggles to recover from the devastating impact of Covid-19 and recent unrest, while ongoing spending pressures on the government continue to weigh on the country’s fiscal debt position, says Absa.

 

Global Economy:

Asian equity markets the Nikkei, Hang Seng and Shanghai Composite are down.Iron ore fell to a two-month low in Singapore amid expectations for steeper cuts in Chinese steel production through the year-end.Global markets have also been lifted this week by news the US Federal Reserve would maintain asset purchases at $120bn (R1.7-trillion) a month until “substantial further progress” is made on employment and inflation.

 

Commodities:

Brent crude oil is currently at $75.52/bbl.

Gold is at $1828/oz ($1831/oz).

 

Currencies:

The rand is weaker this morning, at R14.61/$, after closing stronger yesterday (R14.55/$).The rumor that Amazon would accept cryptocurrency payments sparked a wave of bullish enthusiasm across the crypto market earlier in the week but now this sentiment has begun to wane as BITCOIN bulls face stiff resistance at the $40,000 level.

Market Indicators
Commodities $ Cross Currencies ($) Major Indices
Gold 1827,70 (+0.62) USD/ZAR 14,61 Top40 63394,89 (+1.62)
Platinum 1052,00 (-2.02) GBP/ZAR 20,37 Dow 30 35084,53 (+0.44)
Brent 74,50 (+0.44) EUR/ZAR 17,36 S&P 500 4419,15 (+0.42)
Copper 4,48 (-0.45) EUR/USD 1,1881 FTSE 7078,42 (+0.87)
Palladium 2654,50 (+0.34) USD/JPY 109,57 DAX 15640,47 (+0.45)
Iron Ore 197,00 (-2.79) BITCOIN 39646,60 Shanghai 3395,89 (-0.53)
Source:  Investing.com