The JSE lost its footing before the weekend to lose 0.28% with the All Share on 73,686 points.
The rand traded below the R15.00/$ level after some good news from Ukraine where Russian President Vladimir Putin said there was some meaningful progress made on talks with Russia’s western neighbours. The local unit is currently trading around the R15.00/$ mark.
With a smidgen of positive news (as short fleeting as it might turn out to be given Putin’s penchant for continuing with all out aggression), commodities have returned some of the ground made recently. Gold is currently trading at $1,976; platinum is trading at $1,065 per ounce while palladium has been the big loser on the day, down 6% and trading at $2,748. Brent Crude is holding steady at around $ 110 per barrel.
Standard Bank (0.66%) said headline earnings more than doubled for 2021, growing to R25 billion but they remained below 2019’s numbers as lending activity was fuelled by low interest rates. The bank also doubled its final dividend for 2021 to 511 cents per share.
Banking peers Absa (3.97%), Nedbank (2.56%), Capitec (1.58%), and FirstRand (3.99%) all had a day in the green.
Paper and packaging group Mondi (-0.71%) said it would consider its options with operations in Russia taking strain due to the war in Ukraine. The group ruled out a liquidation of the business but said one option could be a legal separation of the business. Mondi’s Russian business accounts for around a fifth of the company’s core profit.
Peers Nampak and Mpact lost 1.35% and added 4.97% respectively.
