In the currency markets, the rand tracked stronger during the day after the local currency was under some sustained pressure for most of last week. The local unit is currently trading at R14.59/$.
“We are still currently trading in a wider R14.40/R14.80 band and could continue to hover between these levels, with dips towards and below R14.50 looking attractive for importers,” comments TreasuryONE.
On the commodity front, oil was the main mover today with both Brent crude and WTI currently trading lower. Brent has given up more than 4% to dip below the $100 mark and is currently trading at $98.50 a barrel. Gold saw some volatility earlier on when the yellow metal traded as high as $1,968 before settling down and dropping to $1,950.
Palladium has been on the front foot before settling at $2,480 while platinum is relatively flat at $980. Copper is softer today with the impact of Chinese restrictions due to Covid-19 weighing in on base metals.
On the JSE, the bourse spent the day down in the red and closed 0.47% lower with the All Share Index at 74,426 points.
In a trading update for the six months to end-March, hospital group Life Healthcare saw its revenue increase by 2% to 5% from the same period last year. The healthcare group’s EBITDA margin declines from 18.6% to around 17%. The company attributed the decline to the ending of Covid-19 contracts with the UK’s National Health Service, which hit its international subsidiary, Alliance Medical group.
The group’s share price lost 0.97% on the back of the trading update.
Momentum Metropolitan Holdings (-0.34%) appointed Paul Baloyi as chairman designate of its board and will take over the role from July 1, succeeding Peter Copper who has been fulfilling the role on an interim basis. Baloyi has served on several boards over the years including Old Mutual.
The top ten of the top 100 included Amplats (4.27%), Mondi (2.75%), Pepkor (2.7%), Sanlam (2.06%) and bourse heavyweights Naspers (2.56%) and Prosus (1.84%).
