Daily Report 13 December

SA Company News:

The JSE All Share Index fell 0.8% on Friday to close at 71 665.  Standard Bank and Lightstone waited 10 days to publicly disclose a data breach through property valuation platform, LookSee, that may have compromised the personal information of the owners of as many as 745 000 registered properties in SA.  Initial investigations showed the compromised information included names, identity numbers, entity registration numbers, marital status and physical addresses while the exposed information does not contain any banking details, cellphone numbers or e-mail addresses. Anglo American Platinum said it would spend nearly R4bn to extend the lifespan of its Der Brochen project in Limpopo province. The project begins in the first quarter of 2022 and includes the development of a new shaft to replace the depleting Mototolo reserves.

SA Economy:

SA will offer a third, or booster, shot of Pfizer and BioNTech’s Covid-19 vaccine to adults from early January, Deputy director-general of the health department Nicholas Crisp, said. Johnson & Johnson (J&J) boosters will be offered soon. President Cyril Ramaphosa tested positive for Covid-19, indicating the high transmissibility of the Omicron variant. His symptoms are reported to be mild and he has been fully vaccinated.  The national coronavirus command council is expected to map out the way forward this week following the surge in cases especially in Gauteng. After an investigation by the Competition Commission into the fixed price charged by laboratories for a PCR Covid test, set at R850, two laboratories, Lancet and Ampath, agreed to slash prices to under R500. This comes after the Commission reviewed their costs and determined that there were some double counting and cost-padding. The Commission advised that a price of just under R500 will allow for profit without exploiting the consumer. 

Global Economy:

US annual inflation rate accelerated to 6.8% in November of 2021, the highest since June of 1982, and in line with forecasts. The US Fed, ECB, BoE and BoJ will be meeting to discuss monetary policy this week, with investors wanting to hear if policymakers will be updating forward guidance amid concerns over the Omicron variant and mounting inflationary pressure. Global investors are losing appetite for Chinese equity due to growing concerns for the government’s interference in business and financial activities. Over the last two years the Chinese government has influenced the listing of Jack Ma’s Ant Group, ordered Didi to remove several of their apps from the online app store and issued a range of anti-trust fines.

Global Company News:

Chinese property developer Fantasia Holdings Group Co. fell more than 9% as the company had secured a two-year extension to repay some of its maturing debt. Chinese artificial intelligence company, SenseTime Group Inc., will postpone its initial public offering in Hong Kong after being added to a U.S. sanctions list. U.S. stocks finished the week higher with the S&P 500 closing at a new record on Friday, rising 1% to 4712. The Dow Jones Industrial Average was up 0.6% to 35970. 

Commodities:

Gold is up 0.38% to $1 782/oz, while Platinum gained 0.7 % to $937/oz. Brent crude was 1.73% firmer at $75.34 a barrel.

Currencies:

The rand traded at R16.00 against the US Dollar, R21.24 against British Pound and R18.11 against the Euro. The Euro has weakened against the US Dollar slightly to trade at $1.128.

Brent Oil Futures
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Gold Futures
Top 40 Futures

 

Market Indicators
Commodities $ Cross Currencies ($) Major Indices
Gold 1782,90 0,38% USD/ZAR 16,00 Top40 65390,00 -0,60%
Platinum 937,35 0,70% GBP/ZAR 21,24 Dow 30 35970,99 0,60%
Brent 75,34 1,73% EUR/ZAR 18,11 S&P 500 4712,02 0,95%
Copper 4,32 0,08% EUR/USD 1,13 FTSE 7291,78 -0,40%
Palladium 1755,78 -2,55% USD/JPY 113,54 DAX 15623,31 -0,10%
Iron Ore 102,50 -0,98% BITCOIN 47983,00 Shanghai 3681,26 0,57%
Source:  Moneyweb & Investing.com