The JSE all share index continued to take a low blow closing the day on 65, 563 making it a -0.11% loss since its opening price of 65, 635.
The South African equity markets saw SAB Zenzele Kabili taking the biggest knock of the day closing the day with a -25.71% moving from R175 to R130, making it the biggest loser on Monday, whilst Sephaku Holdings saw a 25.87% gain moving from R1.43 to R1.80, making it the biggest winner in the equity market.
After strengthening to levels last seen in the first quarter of 2019, the rand rebounded to close of the second week of June R14.40 against the US Dollar. We saw a slight recovery to the rand on Monday trading at R14.23, All eyes will be on how the Rand will respond to Powell’s testimony to Congress later tonight.
Gold saw a slightly jump from its opening of 1 773.22 to 1 783.53 USD/oz.
Platinum was trading at 1,061 USD/oz. from its open price of 1,062.50 giving it a -0.1% loss on Monday.
Palladium was on a roll yesterday moving to 2,581 from its open of 2,472 USD/oz. gaining 4.41%.
Oil (Brent Crude) closed with a high of 74.90 from its opening of 73.51 USD.
Fed chair Jerome Powell set to testify before Congress today at 20:00(GMT + 02:00) ahead of the GDP, housing and US Durable Goods.
The Greenbag lost its grip against major currencies (US Dollar Index moved from its opening of 92.26 to close of yesterday at 91.88).
New York saw a slight recovery on Monday with the Dow Jones (US30) seeing its biggest recovery in a single day since March 5th. This is supported by the hawkish direction that the Fed has taken on the monetary policies.
This week all eyes will be looking at the US focusing on the US Home Sales data, Crude oil inventories and Gross Domestic Product for Q1 whilst across the pond The Bank of England (“BOE”) will meet on Thursday to discuss their monetary policies. This will closely be observed following Powell’s testimony and considering that the UK has seen inflation numbers rising above the BOE’s targeted 2%.