After a couple of good days’ trade, the JSE is slightly down on Thursday, losing 0.14% to see the All Share Index close on 76,585 points.
The rand hit a snag in afternoon trade after the release of the US CPI numbers. The local unit dipped under the R15.10/$ mark earlier on before shooting up to R15.25 with the release of the numbers.
“The fact that we have not seen the Rand continue its weakening path is a boon to the currency’s resilience in the wake of a stronger US dollar. After the CPI data of today, we need to look at the SONA speech this evening, and potential Rand moves from that,” comments forex trading house TreasuryONE.
The rand is currently trading at R15.16/$.
Surging fuel prices and a record wheat harvest saw Kaap Agri post positive financial results with group revenue up 24% for the quarter ended December 2021. The good results didn’t translate into the agricultural businesses share price, however, with the company losing 0.83% by the close of trade.
Tongaat Hulett lost 1.17%% amidst seven of its former executives, including former CEO Peter Staude, appearing in the Durban special commercial crimes court where they were set R30 000 bail each. The company launched civil claims against former company executives in January in an effort to reclaim R450 million from them for allegedly perpetrating an immense fraud on the company.
Despite ArcelorMittal SA, the largest steel producer in the world outside of China, having its best performance in 15 years and storming back to profit following a three-year profit drought, the stock slumped 7.31% at the close.
On the commodities front, platinum and gold struggled a little today, with both the commodities ending the local session in the red and trading at $1,828 and $1,027 per ounce, respectively. Brent Crude is unchanged, trading at $91.45 per barrel.
TreasuryONE says both copper and palladium had a strong day with both metals over 1% stronger, currently quoted at $10,250 and $2,325.
Indicators as 17:00
Source: TreasuryONE
