Daily Report 06 August 2021

SA Company News:

The JSE All Share index traded near the flatline around 68,427 on Friday, as investors digested President Cyril Ramaphosa’s cabinet reshuffle. Nedbank saw its share price hit a 52-week high on Thursday, to close at R188.40 a share, following an even more bullish trading update. Glencore said it could dramatically increase returns to shareholders going forward as the company cashes in on high prices for the commodities it mines and trades.

 

SA Economy:

Last night President Ramaphosa announced ten cabinet changes including to the Department of Finance where Enoch Godongwana replaces Minister Tito Mboweni.Godongwana is currently the head of the ANC’s economic transformation subcommittee in the national executive committee (NEC), and chairperson of the Development Bank of Southern Africa. The presidency will now take control of the State Security ministry portfolio.

 

Global Economy:

Asian shares failed to catch a firm lead from a bumper Wall Street session on Friday as the spread of the Delta variant of the coronavirus across the region heightened worries about its economic recovery.US markets reached record highs ahead of today’s non-farm payrolls release (+858k consensus).

 

Commodities:

Brent crude was $71.74 per barrel, up 1.79%The stronger dollar and potential for higher yields hurt gold. The spot price fell 0.21% to $1,800.00.

 

Currencies:

The rand remains weaker this morning, at R14.53/$, after closing weaker yesterday. The demand for U.S. dollars tells us that investors anticipate a strong non-farm payrolls report on Friday.

 

Market Indicators
Commodities $ Cross Currencies ($) Major Indices
Gold 1803,75 (-0.48) USD/ZAR 14,49 Top40 62199,85 (-0.88)
Platinum 1001,30 (-0.46) GBP/ZAR 20,17 Dow 30 35064,25 (+0.77)
Brent 71,64 (+1.79) EUR/ZAR 17,14 S&P 500 4429,10 (+0.60)
Copper 4,38 (+1.14) EUR/USD 1,1827 FTSE 7120,43 (-0.05)
Palladium 2649,50 (-0.04) USD/JPY 109,82 DAX 15744,67 (+0.33)
Iron Ore 180,50 (-6.09) BITCOIN 40587,90 Shanghai 3446,91 (-0.47)
Source:  Investing.com