The JSE slumped 3.43% on Friday with global stock markets retreating amid the concerns that the war in Ukraine is escalating. The All Share Index closed on 74,734 points.
Despite war concerns, the dollar has been on the front foot today while the rand continues to show resilience in the fight. The local unit is currently trading at R15.38/$.
“Could the rand benefit from investors moving out of other EM’s and rotating back into South Africa. That is certainly one possibility. We have seen other EM’s like the Brazilian real losing substantial ground after the US non-farm payroll number, which has not impacted the rand,” comments TreasuryONE.
On the commodity front, precious metals have enjoyed the turbulent market with most trading deep in the green today. “Palladium has been on a tear of late and is up by 6% on the day and is currently trading at $2,955. Gold is trading at $1,954, and platinum has broken above the $1,100 level and is now at $1,104 per ounce.”
Brent is currently trading at $114 a barrel.
Heavyweights Naspers and Prosus bled heavily today losing 10.94% and 9.47% respectively. Prosus has exposure to the Russian media company, VK Group, where it owns a stake. The London Stock Exchange suspended trade in VK Group on Thursday. Prosus also owns a stake in the Russian classified ads business Avito.
Virgin Active said it would absorb Real Foods, the owner of both Kauai and Nü health fast-food franchises. As a result, Real Foods founder Dean Kowarski will become the new CEO of Virgin Active, taking over from the retiring Matthew Bucknall who has led the gym chain for the past 25 years. JSE-listed investment firm Brait, which owns 80% of Virgin Active, saw its shares slip 0.23%.
Balwin Properties CFO Jonathan Weltman will leave SA’s largest section title developer at the end of March citing health concerns as the reason. Group finance manager Jonathan Bigham will take over from Weltman. Balwin shares slumped 3.25%.
