SA Company News:
South African Stocks extended losses on Thursday as concerns over slowing economic growth hit commodities. Sanlam is planning to exit its life insurance and wealth management units in the UK in order to free up capital for its expansion in various African markets and in India. Woolworths expands its online shopping platform to shoppers in Mauritius, making it the first South African retailer to launch an online shopping platform in the country.
Manufacturing production in South Africa declined by 4.1% year-on-year in July 2021 hurt by recent civil unrest. SA posted a surplus on its current account of the balance of payments in the second quarter of 2021.
The European Central Bank left interest rates at 0% and said it will slow down the pace of its pandemic bond-buying program starting from Q4. US weekly jobless claims fell 35 000 to 310 000 lowest in 18 months.
Global Company News:
Shares fell in the US and European equity markets on Thursday as investors continued to worry over a slower economic recovery and the prospect of reduced central bank stimulus. GameStop shares closed 0.2% up at $199.18 after touching a low of $178 during trading on Thursday due to management remaining silent on the turnaround strategy for the company. Ford Motor shares fell 2% on its decision to stop making cars in India.
Gold trading at $1800. Brent crude – $72 held steady on Thursday as tightening inventories and supply issues persist. Palladium for immediate delivery slid 4.7% to $2,148.07 an ounce on Thursday.
The rand touched R14.20/$ for the first time in more than two months. EUR/US$ 1.182. Bitcoin $46 430.
Cross Currencies ($)