Daily Report 17 September 2021

SA Company News:

The All Share fell 1.7% on Thursday. The Top40 is down 5.1% this quarter. Resources dropped more than 2% despite the weaker Rand. Sibanye-Stillwater (-2.9%) announced that it is buying half of Ioneer Ltd’s Nevada lithium mine project for $490 million. Pan African Resources reported a 69% increase in headline earnings per share for the financial year ended 30 June 2021.

SA Economy:

The South African economy is the only country among the G20 that will not achieve pre-Covid-19 levels of growth before 2022 according to the Economist Intelligence Unit.

​Global Economy:

US retail sales increased 0.7% month on month in August of 2021. UK Retail sales unexpectedly fell by 0.9 percent in August. China is reviewing new games to ensure they meet stricter criteria for content and protection of children and to make sure game developers like Tencent comply with the new regulations imposed in August.

Global Company News:

The Dow Jones Industrial Average fell 0.18%, the S&P 500 lost 0.16%, the Nasdaq Composite was up 0.13%. Asian shares traded mixed on Friday, the Hang Seng was up 0.39% and the Shanghai Composite trading flat. Chinese property giant Evergrande, which has a $300bn debt burden will miss interest payments and could pose spillover risks to the broader economy. Tencent is up 2.2%.

Commodities:

Brent crude fell 0.20% to $75.60 per barrel. Gold recovered marginally on Friday with the spot price trading at $1,762/oz. Platinum had risen 0.9% to $932.

Currencies:

The Rand weakened sharply to R14.58. EUR / USD 1.1772.