Daily Report 26 October

SA Company News:

The JSE All Share closed relatively flat at 66 980. DRDGold said gold production was up 7% from the previous quarter to 1 449kg with core profit rising 16% to R350.8m. The share closed 1% lower at R13.72. Sibanye-Stillwater Ltd. confirmed it will acquire both the Santa Rita nickel and Serrote copper mines in Brazil for $1.0 billion in cash. Aspen Pharmacare is aiming to up its Covid-19 vaccine manufacturing capacity to 1.3 billion doses a year by February 2024, up from the current 250 million doses. Momentum Metropolitan chair Matthews Sello Moloko has resigned and will leave the position in November. Sello will take over the position as Chairman of the Absa Group from Wendy Lucas-Bull.

SA Economy:

Eskom implements stage 2 load shedding from 9 am today until 5 am on Saturday. Finance minister Enoch Godongwana will present his first medium-term budget policy statement on November 11. Building confidence in the small and medium sector is at the highest level in three years driven partly by the rebuilding of infrastructure damaged in the July unrest.

Global Economy:

US investors are looking beyond the earnings numbers with a focus on how companies will overcome supply chain bottlenecks, labor shortages, and inflationary pressures to sustain growth. China said it will roll out a pilot real estate tax adding to existing investor concerns about whether it will put on extra pressure on the Chinese property market. Ahead of the Bank of Japan’s two-day Monetary Policy meeting, the BOJ is expected to maintain its stimulus programme and keep interest rates unchanged.

Global Company News:

The Dow Jones Industrials and S&P 500 closed at record highs on Monday. Tesla lifted the market after rallying 14% to top the $1 trillion market capitalisation. Shares of Pinterest fell 12.5% after PayPal Inc said it is not buying the social-media platform. Fresh worries about China’s property sector weighed on investors’ sentiments as another property developer, Modern land, defaulted on a payment.The Swiss bank UBS Group reported net profit for the quarter rose to $2.28 billion from $2.09 billion a year earlier.

Commodities:

Gold is at $1 805 an ounce, dropping 0.13%. Brent crude is slightly higher at $86 per barrel as supply remained tight. The market will be closely watching US inventory levels this week.

 

Currencies:

The rand was firmer at $14.67, supported by higher precious metals prices. The US dollar is stable at $1.160 against the euro.

 

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Market Indicators

Commodities $

Cross Currencies ($)

Major Indices

Gold 1806,95 (+0.37) USD/ZAR 14,69 Top40 60445,78 (-0.13)
Platinum 1055,05 (+0.54) GBP/ZAR 20,22 Dow 30 35741,15 (+0.18)
Brent 85,15 (-0.15) EUR/ZAR 17,05 S&P 500 4566,48 (+0.47)
Copper 4,52 (-0.66) EUR/USD 1,1603 FTSE 7222,82 (+0.25)
Palladium 2049,00 (+0.78) USD/JPY 113,97 DAX 15599,23 (+0.36)
Iron Ore 116,00 (+3.45) BITCOIN 62393,10 Shanghai 3600,22 (+0.06)
Source:  Investing.com