South Africa
The JSE all share index was largely moving sideways with a slight downside movement yesterday closing the day at 68 371 from its opening price of 68 898.
On Thursday the South African equity markets saw Kibo Energy PLC being the biggest loser of the day with a -12.50% loss moving from R0.08 to close the day at R0.0.7, whilst Go SilverBridge Holdings Ltd. saw a 78.43% gain moving from R0.51 to R0.91, making it the biggest winner in the equity market.
President Cyril Ramaphosa has made some changes to his cabinet. Tito Mboweni has resigned as Minister of Finance and the suspended Minister of Health, Dr Zweli Mkize resigned moments before the president made his announcement to reshuffle cabinet.
Serame Taukobong has been set to replace Sipho Maseko as Telkom’s new group CEO.
The South African Social Security Agency (SASSA) urged approved applicants who have not collected their special Covid -19 SRD grants from the previous cycle must collect them by 31 August 2021. Grants not collected by that date will be sent back to National Treasury to fund other government priorities.
The application channels for the Social relief of distress grant has opened. The first payments are expected to be made in the last week of August 2021. Click here to find out how you can apply.
The Rand continued to take a knock against the US Dollar on Thursday closing at R14.52 from its opening price of R14.39.
Commodities
Gold lost some ground moving from 1 811.74 USD/oz to 1 804.41 USD/oz.
Platinum moved from 1 027.68 USD/oz. to 1 007.85 USD/oz.
Palladium gained some ground closing the day at 2 661.83 USD/oz from 2 647 USD/oz.
Oil prices slightly recovered on Thursday with Brent Crude moving from 70.38 to closing at 71.29 USD.
Global Markets
The September 10-year Bund future is slightly lower, Treasury futures are underperforming and in cash markets the U.S. 10-year rate is up 1.1 bp at 1.24%. DAX and FTSE 100 futures are currently flat, up 0.019% and down -0.057% respectively. US Equities rallied with USA500 up by +0.46% (4429)
Barrick Gold Corporation is scheduled to announce its Q2 2021 results on 9th August 2021, before the market open.
Things to watch today:
Reserve Bank of Australia Monetary Policy Statement, India Interest Rate Decision, South Africa FX Reserves (USD), South Africa Net FX Reserves (USD), U.S. Nonfarm Payrolls, U.S. Unemployment Rate, Canada Employment Change, Canada Ivey Purchasing Managers Index (PMI)
Disclaimer
All prices captured are taking from the previous business day. The material is provided for a general information purpose and do not constitute an independent investment research. Nothing in this market wrap contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance.
