Daily Report 25 March 2022

SA Company News:

The JSE All Share Index closed 0.65% down at 74 350.Remgro reported that headline earnings per share rose 139% to R5.92 in the six months, compared with the same period a year earlier. Mediclinic International, Grindrod Shipping, TotalEnergies, FirstRand and RCL Foods contributed the most to the financial results. Remgro’s intrinsic net asset value per share was up 14.2% to R202.47 as of December 2021. The company declared an interim dividend of 50c per share.In a trading update from Northam, the company said that it expects to report an increase in earnings per share in the range of 55.9% to 65.9% for the six months ended 31 December 2021, compared to the six months ended 31 December 2020. Northam Holdings result for the six months ended 31 December 2021 is expected to be published on 31 March 2022.Nedbank Group said it will have a secondary listing on A2X Markets and shares will be available for trade on A2X from 1 April 2022. Nedbank will retain its listing on the Johannesburg Stock Exchange.

 

SA Economy:

The Reserve Bank increased its benchmark repo rate by another 25 bps to 4.25%. Reserve Bank governor, Lesetja Kganyago said that the rate hike comes against a backdrop of higher global and local inflation.The African Development Bank is committing $2.8bn (R40.87bn) over the next five years to support private sector investment in SA, the institution’s president said. The bank is already supporting SA’s struggling state-owned companies and is preparing a $400m (R5.83bn) loan package to help the coal-dependent power utility Eskom transition to renewable energy.

 

Global Economy:

Consumer confidence in the U.K. declined to minus 31 in March from minus 26 in February mid mounting concerns about surging inflation and higher interest rates.UK services PMI unexpectedly rose to a 9-month high of 61, helped by the removal of COVID-19 restrictions. President Joe Biden calls for Russia to be expelled from the Group of 20 major economies.

 

Global Company:

The Russian stock market partially reopened for limited trading, the index closed 4.4% higher at 2 580.Asian shares are trading lower this morning, dragged down by declines in tech stocks as U.S. and Hong Kong dual-listed companies came under pressure from renewed fears over audit records that will force them to delist in the United States. Alibaba fell 5.9% and JD.com is down 3.9%.The Dow Jones Industrial Average gained 1%, to 34707 and the S&P 500 rose 1.4%, to 4520. Uber gained 3% after the company announced a deal to list all New York City taxis on its app.

 

Commodities:

Gold is up 0.93% to $1 958/oz, while Platinum gained 1.43 % to $1 033/oz.Brent crude was 1.42% lower at $119.25 a barrel.

 

Currencies:

The rand traded at R14.5 against the US Dollar, R19.18 against British Pound and R16.00 against the Euro.The Euro is stable against the US Dollar to trade at $1.10.

Brent Oil Futures
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Gold Futures
Top 40 Futures

 

 

Market Indicators

Commodities $ Cross Currencies ($) Major Indices
Gold 1958,64 0,93% USD/ZAR 14,51 Top40 67690,00 -0,81%
Platinum 1033,30 1,43% GBP/ZAR 19,18 Dow 30 34707,94 1,01%
Brent 119,25 -1,42% EUR/ZAR 16,00 S&P 500 4520,16 1,41%
Copper 4,73 -0,78% EUR/USD 1,10 FTSE 7467,38 0,09%
Palladium 2530,77 0,31% USD/JPY 121,82 DAX 14273,79 -0,07%
Iron Ore 142,00 0,00% BITCOIN 44209,00 Shanghai 3229,61 -0,52%
Source:  Moneyweb & Investing.com