A surge in the price of JSE-heavyweight internet giant Naspers (+2.34%) and bargain hunting pulled the local bourse over 1.2% higher.
Yesterday’s biggest losers turned winners Mr Price and Truworths lead the charge, gaining 4.46% and 4.36% respectively. Sasol soared 3.87% in line with a firm oil price (last trading at $76.10 a barrel) and as the petrochemicals giant sold off its sodium cyanide business to a locally owned subsidiary of Czech-based Draslovka Holding. The business was sold following an open tender process, for R1.46bn, which will be used to reduce Sasol’s R137bn debt mountain, reports Daily Maverick.
Cartrack Holdings owner Karoooo added 4.31% ahead of its results on 19 July.
Gold and platinum shares were shining on the metals’ good fortune. Gold is currently trading at $1,821/oz, but platinum has stolen the limelight and is trading 2.4% higher at $1,129/oz. Palladium is slightly down on the day, trading at $2,820/oz.
On the loser’s end, Montauk lost 9.03% and Capco 4% as investors took profit.
In the currency markets, the rand managed to claw back some of the losses but was still trading above the R14.50/$-level as the riots and looting weighed. “The tensions are still high, and any spike in looting activity could see the rand trading back to the R14.75 level,” writes TreasuryONE.
The trading house says the local unit is currently trading on its own and has diverged from the emerging market basket. “Should the situation around the turmoil in SA be curtailed, we expect the rand to trudge back slowly to levels seen before the trouble.
“With little US data out for the rest of the week, the rand is now being moved by local factors more than the US dollar, and we should keep a close eye on local developments.”
Indicators as of 17:00
Currencies
USDZAR 14.5796
EURUSD 1.1817
EURZAR 17.2235
GBPUSD 1.3866
GBPZAR 20.2100
AUDZAR 10.8935
CADZAR 11.6611
CNYZAR 2.2554
ZARJPY 7.5452
CHFZAR 15.9066
USDAOA 646.54
Equities and bonds
R186 7.61%
US 10 Year 1.37%
JSE 1.17%
FTSE -0.45%
S&P 500 0.30%
Commodities
Gold $1 820.56
Plat $1 128.00
Plad $2 818.22
Rhod $19 690.00
Irid $5 640.00
Ruth $748.00
Copp $9 309.15
Brent $76.18
Iron Ore 62.5% $218.26
Coal API4 $115.00
Gold ZAR R26 513.91
Plat ZAR R16 427.70
Indicators brought to you by TreasuryONE
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