The JSE firmed on Tuesday to break a five-day losing streak amid a continued sell-off among emerging market peers “as global growth fears stoked by high inflation, tighter US monetary policy and a slowdown in China weighed on shares, while most regional currencies took a breather after a three-day slide,” reports Reuters.
Market volatility came to a halt today with the focus shifting to the US CPI print due out tomorrow.
“During our local session, the rand traded in a relatively narrow range of roughly 10 cents and is currently sitting around R16.14/$. Other EM’s are also tracking the movements in the rand as the market is yet again playing the waiting game,” comments TreasuryONE.
There was still some volatility on the commodity front with palladium giving up the gains it made yesterday and is currently trading 0.8% down at $2,075. Platinum is up a decent 2.5% for the day and hovers around $980. Gold is currently flat for the day, with the yellow metal losing out to the stronger dollar as markets continue to move into US Treasuries.
“Brent Crude traded in a $3 range for the day but was still off last week’s high, which was around $112. The price of crude is currently trading at $105 while WTI is at $103.50. Copper remains relatively cheap compared to the prices we have seen over the past few months, trading below $9,300 at the time of writing,” says TreasuryONE.
Back on the JSE, the local bourse added 0.30% to see the All Share Index close at 66,976 points.
Standard Bank (2.09%) appointed Nonkululeko Nyembezi as its new chairman from June following the retirement of Thulani Gcabashe. Nyembezi formerly served on the board of Alexander Forbes as chairman, was a director of Old Mutual, and CEO of ArcelorMittal South Africa. Nyembezi has been on the Standard Bank board since 2020.
Banking peers First Rand (1.02%), Capitec (1.12%), Absa (2.79%), and Nedbank (2.62%) all gained today.
Grand Parade Investments (0.38%) said it had finally exited the restaurant business after it unbundled its shareholding in the Spur Corporation and finalised its accounts of fast-food chain Burger King SA.
Spur Corporation shares decreased by 0.19%
