Daily Report 3 September 2021

SA Company News:

The JSE All Share fell around 0.7% to 66,520 on Thursday, led by an over 8% slump in shares of Discovery. The South African insurer announced a surge in profits but scrapped its annual dividend and said it may have to raise equity capital over its investment in Chinese insurer Ping An.Shares of Impala Platinum also declined nearly 8% even as the miner announced a 123% rise in annual profits, boosted by higher prices of platinum group metals and increased output, while saying the near-term platinum prospects remained muted.

 SA Economy:

The July credit extension print completely missed market consensus of a 0.7 percent fall following a 0.54 percent drop a month earlier.This marked the first increase in private sector credit since February following four consecutive months of decline as corporates reduced taking credit on Covid-19-induced activity.Corporate demand will also probably pick up as some of the companies that were affected by the riots in July start to rebuild.

Global Economy:

S&P 500 and Nasdaq again hit a record high, and Dow Jones rose more than 130 points as fresh data confirmed a strong recovery as initial jobless claims fell more than expected to 340K in the latest week.The Nikkei 225 led the gains, jumping by 2% and hovering at a near 2-1/2-month high after Prime Minister Yoshihide Suga announced plans to resign, setting the stage for his replacement after just one year in the office. European stocks headed for a slightly positive session on Friday, as investors await a batch of economic data to be released later in the day.

Commodities:

Gold is trading slow and sideways ahead of the US NFP report later today, with price acting very collectively above 1800.Brent crude futures rose more than 1.5% toward $73 a barrel on Thursday for the first time in a month, as investors continue to anticipate fuel demand rebound despite the risks posed by the coronavirus delta variant.

 Currencies:

The ZAR has picked up 1.7% vs the USD at R14.42.The EUR / USD 1.1878 hovered at a near one-month low, with traders awaiting the payrolls release on Friday.Bitcoin climbed for the third straight day and even traded back above the key $50,000 level.

 

Brent Oil Futures                                              Gold Futures                                           Top 40 Futures

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Market Indicators

Commodities $

Cross Currencies ($)

Major Indices

Gold 1814,25 (-0.14) USD/ZAR 14,44 Top40 60357,49 (-0.42)
Platinum 997,00 (+0.40) GBP/ZAR 19,99 Dow 30 35443,82 (+0.37)
Brent 73,15 (+2.41) EUR/ZAR 17,16 S&P 500 4536,95 (+0.28)
Copper 4,31 (+0.46) EUR/USD 1,1879 FTSE 7163,90 (+0.20)
Palladium 2407,50 (-1.12) USD/JPY 110,04 DAX 15840,59 (+0.10)
Iron Ore 145,50 (+0.00) BITCOIN 49511,80 Shanghai 3578,14 (-0.27)
Source:  Investing.com