The JSE all share index continued in its path of recovery closing Wednesday on 67 897.60 with a 1.2% gain from its opening price of 67 088.27.
On Wednesday the South African equity markets saw Go Life International Ltd. being the biggest loser of the day with a -50.00% loss moving from R0.02 to close the day at R0.01, whilst Choppies Enterprises Ltd. saw a 62.50% gain moving from R0.80 to R1.30, making it the biggest winner in the equity market.
As looting and unrest continues in the KwaZulu – Natal region, over 72 people are reported dead with over 1700 people arrested.
The Rand is still heavily under pressure but saw some slight recovery against the Greenbag on Wednesday closing business day at R14.48 from its opening of R14.74. Prior to the recent violent unrest, looting and the destruction of property mainly in the Kwa-Zulu Natal Region that contributes 16% of the GDP, the Rand had been this year’s top emerging markets currency performer.
Gold moved from its opening price of 1 807.76 to close Wednesday business day at 1 827.63 USD/oz leaving it with a 1.1% gain.
Platinum continued to recover on Wednesday moving to 1 132.74 USD/oz. from its open price of 1 108.88 USD/oz resulting in a 2.2% gain.
Palladium recovered yesterday closed Wednesday’s business day on 2 820.75 USD/oz.
Oil prices took a slight knock on Wednesday with Brent Crude closing business day at 74.76 from its opening of 76.49 USD.
Federal Reserve Chairman Jerome Powell brought a calming sense on fears that the Federal Reserve will act earlier than expected of tapering stimulus.
Citigroup performed better than expected largely from the $1.1 Billion boost from releasing reserves they had set aside.
Bank of America shares took a knock following its report after seeing revenue declined mainly due to a drop in revenue due to low interest rates.
BlackRock’s assets that are under management saw a record $9.49 trillion in the second quarter.
Wells Fargo also performed better than expected reporting a second-quarter profit of $1.38 a share. Its revenue grew by 11% from a year earlier
What to watch today
U.K. Average Earnings Index + Bonus, U.K. Claimant Count Change, U.S. Initial Jobless Claims, U.S. Philadelphia Fed Manufacturing Index, China Gross Domestic Product (GDP).