The JSE closed the week in the green, adding half a percentage point to the bourse to see the All Share Index close on 75,908 points.
Grindrod chief executive Martyn Wade announced his retirement at the end of the month after 14 months with the company. Chief financial officer Stephen Griffiths is set to take over as interim CEO while the company share price dropped 2.22% by the close of trade.
In the currency markets, the rand traded on the back foot in the afternoon after strong non-farm payroll numbers in the US helped the dollar strengthen. Currently the local unit is trading around the R14.70/$ mark.
“During this week, the rand has underperformed in the EM space, with the Polish zloty and Russian rouble gaining the most as optimism brews over talks between Ukraine and Russia. We feel the rand could remain within the R14.80 and R14.40 range for the next couple of weeks as the market continues to wait and see what happens,” says forex trading house TreasuryONE.
Commodities had a strong day compared with the volatility we have seen in the market over the last month. Gold has been softer since morning trade, while platinum and palladium traded stronger in afternoon trade. Over the past two trading sessions, oil prices have calmed down with the US President Joe Biden committing to aid oil supply over the coming months.
