Markets Wrap: Platinums prop up JSE as Bank of America bets on SA stocks

The JSE gained 0.46% on Thursday with platinum stocks shining on the back of a firmer platinum price and a bullish report from Bank of America.

The US bank listed SA stocks among its most favoured in its analysis of equities from Eastern Europe, the Middle East and Africa (EEMEA), with Royal Bafokeng Platinum (+2.1%), Absa (-0.74%, Sasol (+3.05%), Anglo American (+1.09%) and Northam Platinum (+4.01%) the five top-ranked stocks.

The banks also favour Exxaro (+0.27%), African Rainbow Minerals(+1.63%), Impala Platinum (+3.69%), Old Mutual (-0.81%), TFG (-1.05%) and Barloworld (+1.23%) among its Top 20 equities in the region, reports Business Live.

Sasol meanwhile announced that CFO Paul Victor will step down after more than two decades and will be replaced Royal Bafokeng’s CFO Hanré Rossouw. Victor has agreed to remain with the company until June 30, 2022, when it reports annual results.

Heavyweight Naspers took a 1.24% knock, curbing gains on the bourse. Citing the internet giant’s integrated annual report for the year ended 31 March 2021, MyBroadband reports that CEO Bob van Dijk earned $16.7m (R247.2m) in the last financial year.

In currency markets, the rand weakened more than 1% to last trade at R14.43 against the US dollar following US ISM data hitting a 42-year high of 92.1. “This is the highest price since 1979. This adds some fuel to the inflation fire in the US that inflation is not transitory. It will be interesting to see how the Fed will respond in the months to come,” comments TreasuryONE.

Commodities had a positive day all around, with platinum the main benefactor today, gaining over 1%, and is last trading at $1,084/oz. Gold is trading at $1,774 and palladium at $2,768, while Brent Crude continues to make its way higher, currently trading at $75.71 a barrel. 

Indicators as of 17:00


USDZAR          14.4712
EURUSD         1.1858
EURZAR          17.1549
GBPUSD         1.3772
GBPZAR          19.9238
AUDZAR         10.8082
CADZAR          11.6593
CNYZAR          2.2352
ZARJPY            7.7077
CHFZAR          15.6365
USDAOA         649.55

Equities and bonds

R186              7.55%
US 10 Year      1.48%
JSE                 0.38%
FTSE              1.15%
S&P 500         0.31%


Gold               $1 771.16
Plat                $1 078.73
Plad               $2 770.14
Rhod              $19 890.00
Irid                 $5 740.00
Ruth               $748.00
Copp               $9 342.00
Brent              $75.66
Iron Ore 62.5% $211.80
Coal API4        $109.00
Gold ZAR        R25 627.80
Plat ZAR          R15 608.68

Indicators brought to you by TreasuryONE

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