SA Company News:
The JSE All Share index closed flat at 67,453 on Wednesday as investors adopt a cautious stance.Dischem came out with a trading update and an announcement regarding the founders looking to sell a portion of their holdings by way of an accelerated book-build. Dis-Chem fell 4%.A Nigerian tax tribunal ordered the local unit of South Africa’s pay-TV company MultiChoice to pay 50% of a disputed 1.8 trillion-naira ($4.38 billion) tax bill relating to previous years, the Federal Inland Revenue Service (FIRS) said on Wednesday. The tax tribunal adjourned the case until September 23, subject to the company complying with its order.
The SA economy is 11% bigger than previously thought, according to Stats SA, which on Wednesday announced a rebased figure for GDP, a regular exercise that should be done every five years.Consumers should prepare themselves for a rude awakening, as medical schemes are struggling to balance the costs of the Covid-19 pandemic.This could result in a period of rate hikes higher than the usual above-inflation increases, as there are no signs of the pandemic ending any time soon, with concerns that we will soon be entering a fourth wave.
US markets closed at record highs yesterday. US economic data has shown a slowdown which may affect the Fed’s timeline.Stocks in Hong Kong led the losses, tumbling by nearly 1.5% and falling for the 2nd session. The Shanghai Composite fell (-0.5%) after finishing at a near 1-month high on Wednesday. European stocks are set to open lower on Thursday as investors remain cautious.
Commodity prices were moderately weaker this morning. The spot price of platinum shed 1% to $986.20/oz and palladium shed 1.40% to $2,395.50/oz.Commodity markets have also been volatile in recent weeks, shaken in part by stronger dollar and the concern over the health of global growth given the fast-spreading Delta variant. Oil prices dropped to $71 on Thursday after rising in the prior three sessions.
The rand was flat on Thursday morning but held below the R15/$. The currency is likely to be volatile in the weeks ahead as investors await the timeline for the reduction of US monetary stimulus.The dollar was up on Thursday morning in Asia but remained near a one-week low.
Brent Oil Futures Gold Futures Top 40 Futures
Cross Currencies ($)