Daily Report 02 August 2021

SA Company News:

Friday saw the JSE retreat after two days of decent gains.MTN rose 1.3% before MTN Nigeria’s results showed the loss of 7.6m subscribers, though EBITDA rose 28% and the dividend increased 30%.Tencent, which influences the JSE via the Naspers stable, gave back 2.38%.

 

SA Economy:

There is little on the local corporate calendar on Monday, while in economic news the Absa purchasing managers’ index for July, a gauge of the health of the manufacturing sector, is expected to show a drop from 57.4 points in June.The fall is expected to reflect ongoing Covid-19 restrictions that have hit SA’s leisure and hospitality sectors, while the month also saw the outbreak of violence and looting in KwaZulu-Natal and Gauteng.

 

Global Economy:

European stock futures pointed to a positive start on the first trading day of August, following gains in Asia-Pacific as some of the concerns over China’s regulatory crackdown eased and progress on a US infrastructure bill continued.The dollar edged lower Monday, just above a one-month low, in tight trading ranges ahead of the release of key U.S. employment data later in the week which could influence Federal Reserve policy.

 

Commodities:

Brent crude futures were down 1% to below $75 a barrel on Monday, after surging almost 2% in the previous week, as investors digest fresh manufacturing PMI data which pointed to a general slowdown in factory activity, with growth in China falling to a 15-month low.Gold was slightly lower to start August, trading below the $1810 an ounce level and moving further away from a two-week high of $1,832 touched in the previous session as the dollar remained strong.

 

Currencies:

This morning, the ZAR is steady at 14.61.The dollar index was trading at 92.09 on Monday, staying near its lowest in a month and after falling by 0.9% last week which was its worst performance since early May.

Bitcoin trading at $39 859.

 

Market Indicators
Commodities $ Cross Currencies ($) Major Indices
Gold 1812,75 (-0.82) USD/ZAR 14,61 Top40 62852,28 (-0.86)
Platinum 1051,05 (-0.09) GBP/ZAR 20,34 Dow 30 34935,47 (-0.43)
Brent 74,55 (+0.07) EUR/ZAR 17,36 S&P 500 4395,26 (-0.54)
Copper 4,50 (+0.44) EUR/USD 1,1874 FTSE 7032,80 (-0.65)
Palladium 2674,50 (+0.75) USD/JPY 109,37 DAX 15544,39 (-0.62)
Iron Ore 191,00 (-3.14) BITCOIN 39696,00 Shanghai 3462,38 (+1.92)
Source:  Investing.com