Wednesday 06 October 2021 iDaily Market Wrap | Digital Vaccination Certificate Goes Live

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South Africa
The JSE all-share index closing the day at 63 669 from its opening price of 64 129.

On Tuesday the South African equity markets saw Eastern Platinum Ltd. (EPS) being the biggest loser of the day with a -11.64% loss moving from R4.21 to close the day at R3.72, whilst Oando plc (OAO) saw a 25.00% gain moving from R0.20 to R0.25, making it the biggest winner in the equity market.

The Rand slightly recovered against the US Dollar on Tuesday, moving from R15.04to R15.00.

South Africa’s Digital Covid 19 Vaccine certificate went live without any announcement. The vaccine certificate can only be obtained once fully vaccinated.

Commodities
Commodities closed the day lower with most of our listed commodities closing Tuesday lower than their opening prices.

Gold took a by -0.5% loss, moving from 1 769.57 USD/oz to 1 7660.18 USD/oz.

Platinum could not manage to close with some gains and took a -0.4% knock, closing at 965.38 USD/oz from its opening price of 969.26 USD/oz.

Copper also took a -0.9% knock, closing Tuesday on 9 177.00 USD/t from its opening price of 9 257.50 USD/t

Oil prices continued on their upward movement with Brent Crude extending beyond the 80.00 USD mark. Brent Crude moved from 81.26 USD to close at 82.56 USD.

Global Markets
The US Dollar Index recovers key handle after 93.65 lows on Monday & 94.50 10-mth highs last week. Better than expected (61.1) ISM Services PMI data.

Equities turnaround Tuesday, led by Tech (NASDAQ +1.25%; NFLX+5.21%) USA500 +45.0 (+1.05%) at 4345 (but remains weak) USA500.F lower 4311. Asian equities mixed. VIX closed at 21.45 – trades up 2% at 22.15 now.

USOil holds record highs $78.95 amid supply bottlenecks & inventory drawdowns. EIA Weekly data later.

Overnight – The Reserve Bank of New Zealand (RBNZ) increased interest rates by 0.25% to 0.5%. NZD ticked higher but is now the weakest. German factory orders -7.7% M/M (largest decline since April 2020); EST. -2.2%, last month +3.4%. Biden spoke with Xi to cool tensions over Taiwan, pushed additional $3.5tn infra budget on tour of mid-west and backed Powell as criticism grows.

December 10-yr Bund future down 33 ticks, US futures also selling off after the The Reserve Bank of New Zealand (RBNZ) rate hike cemented tapering fears ahead of key US NFP Friday. Stock markets are concerned by stagflation scenarios & risk that reduction of monetary support will hit the global recovery. DAX & FTSE 100 futures down -0.7%, US futures also in the red.

Things to watch today
New Zealand Interest Rate Decision, U.K. Construction Purchasing Managers Index (PMI), U.S. ADP Nonfarm Employment Change, U.S. Crude Oil Inventories, Russia Consumer Price Index (CPI) MoM

Disclaimer

All prices captured are taking from the previous business day. The material is provided for a general information purpose and does not constitute independent investment research. Nothing in this market wrap contains, or should be considered as containing 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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