The JSE traded in the green on Friday as investors digested the week’s events, which included interest rate hikes from the European Central Bank and the South African Reserve Bank.
The local bourse closed the week 0.24% stronger with the All Share Index at 68,070 points.
In company news, Grindrod (0.58%) named Xolani Mbambo as its new chief executive effective January 2023. Mbambo succeeds Andrew Waller and has been with the company in different roles since March 2013.
Waller is retiring at the end of the year, ensuring a smooth transition for Mbambo.
The JSE will suspend trading of Vivo Energy (-8.82%) shares on Monday morning at 9:00 following the court sanctioning a transaction in which Vitol will indirectly acquire the shares of the company.
On the international front, Twitter has blamed its battle with Elon Musk to close his $44 billion acquisition of the company and declining digital advertising revenues for a surprise drop in quarterly revenue.
Second quarter revenue dropped to $1.18 billion, down from $1.19 billion in the prior year. Analysts had expected revenue to come in at $1.32 billion.
Twitter’s share price was down 0.88% at the time of writing.
On the currency front, the rand is currently trading at R16.82 versus the dollar while the greenback is also weaker against the euro at 1.0230.
In commodities, palladium has been the star performer, trading nearly 7% higher today at $2,023 while it’s green across the board for the rest.
