Global markets took a breather on Tuesday following a rout the previous day and a drop to multi-month lows, which saw the pound sink to an all-time low versus the dollar.
On Tuesday, the rampant dollar slowed down as the pound rallied while the rand also recovered some losses it sustained against the greenback. The local unit currently trades nearly 1% higher against the dollar at R17.92/$.
Meanwhile, oil prices have jumped up following the lull in the dollar and nine-month lows on Monday. Brent crude is currently trading 1.52% up for the day at $85.22 a barrel while WTI is trading over 3% up at $78.97 a barrel.
The JSE strung together a second consecutive day of gains, adding 0.63% with the All Share Index at 64,026% points.
In company news, bourse heavyweight Naspers declared a 660.2344 cents ordinary dividend for its N shares, and 132.0469 cents for its A shares. The move comes after approval from shareholders for the dividend at its August annual meeting as well as its cross-holding agreement with consumer internet arm Prosus.
After solid gains to its share price on Monday, Naspers lost 3.75% while Prosus lost 2.63%.
Johann Rupert’s investment company Remgro (7.57%) said headline earnings increased by 125% to R6.5 billion for the year to end June, which is 17% higher than pre-pandemic levels for its continuing operations.
Remgro increased its total dividend by 66.7% to 150 cents per share, representing about an R852 million payout for the group.
