Monday, 26 July 2021: iDaily Market Wrap

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The JSE all share index continued on its recovery closing the day at 68 064 from its opening price of 67 404.

On Friday  the South African equity markets saw Randgold & Exploration Co Ltd. being the biggest loser of the day with a -47.55% loss moving from R1.43 to close the day at R0.75, whilst Trustco Group Holdings Ltd. saw a 27.20% gain moving from R1.25 to R1.59, making it the biggest winner in the equity market.

South Africa moves to alert level 3 lockdown restrictions with some adjustments made.

  • The sale of Alcohol will be allowed. Sales from retail outlets restrictions are Monday to Friday from 10am – 6pm.
  • Curfew times are between 22:00 – 04:00)
  • Mass gatherings are still prohibited
  • Inter provincial travel permitted
  • Onsite consumption of alcohol at licensed establishments will be allowed until 8pm
  • Gyms are open but must operate under strict restrictions

A new relief pack has been issued by President Cyril Ramaphosa mainly to assist with individuals and business affected by the unrest and rioting that has been seen earlier this month, mainly in Kwa-Zulu Natal and some parts of Gauteng. In his speech he stated that a monthly welfare grant of R350 for the poor until the end of March will be made available and a R400 million state contribution to a humanitarian relief fund aimed to support uninsured businesses. He further stated that the government will also expand an employment tax incentive in order to give companies an additional three months to pay taxes collected from their workers.

Gold slightly slipped moving from 1 806.92 USD/oz to 1 802.15 USD/oz.

Platinum lost some ground with a -3.0% loss moving from 1 096.22 USD/oz. to 1 063.54 USD/oz.

Palladium slipped closing the day at 2 672.50 USD/oz.

Oil prices continued on their upward movement on Friday with Brent Crude moving from 73.79 to closing at 74.10 USD.

Global Markets

The rapidly spreading of the Delta variant still a large concern on global market sentiment. The September 10-year Bund future is up 27 ticks at 176.08, Treasury futures are also moving higher, with the Ultra Bond outperforming, as stock market sentiment is hit by concern that the Delta variant will delay the recovery mounting worries over the impact of China’s clampdown on the tech sector. China and Hong Kong bourses sold off sharply overnight and DAX and FTSE 100 futures are currently down -0.5%, while a -0.5% decline in the Dow Jones is leading U.S. futures lower. In FX markets EURUSD is at 1.1779, USDJPY at 110.25 from 110.55 earlier and Cable at 1.3751.

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.



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