In Tuesday's trading session in the local markets, the Top 40 closed the day up by 0.58%. The Resources 10 sector went up by 0.59%, the Financial 15 went up by 0.68%, the Industrial 25 went up by 0.61% and lastly the South African Listed Property index was down by 0.28%. The rand traded at R15.00 against the United State Dollar, R19.53 against the Great British pound, and R16.21 against the Euro. Rand dropped on Tuesday when the country's ailing power utility ramped up scheduled power cuts that constrain growth in the continent's most industrialised nation. In the latest local news, JSE-listed technology firm Altron has appointed Stewart van Graan. Tongaat Hulett warned on Tuesday that its debt burden for the year to end-March increased to R6.8 billion.
Figure 1: Naspers Year To Date (YTD) share price movement
On the commodities front, the Brent Crude oil is trading at $108.47 a barrel and WTI Crude oil is traded at $103.22 a barrel. Gold Spot price is currently trading at $1942.90. Platinum Spot is now trading at $1018.93 and lastly, Palladium Spot price is at $2405.26. Gold prices fell on Wednesday to their lowest in more than a week, as an elevated U.S. dollar and Treasury yields continued to weigh on demand for bullion. Oil was under pressure on Wednesday on worries about the fallout from China’s pandemic lockdowns.
Across the globe, the S&P 500 closed the day up 1.61%, Dow Jones closed up 1.45% and the Nasdaq had a 2.15% up. The FTSE 100 closed down 0.20% and the DAX was down 0.07% and CAC40 was down 0.83%. In the Asian markets, the Nikkei 225 is up 0.86% and the Hang Seng is currently down 0.48%. Wall Street heavyweight had their best days in over a month on Tuesday as investors responded to positive earnings and dovish comments from two U.S. Federal Reserve officials on interest rate rises. Shanghai Index was down as the central bank surprisingly kept its benchmark lending rates unchanged, despite frequent government pledges to support a slowing economy.
Things to look out for today in the trading day: South Africa CPI (MoM/YoY) (Mar) in 38 mins, Eurozone Industrial Production (MoM) (Feb) at 11.00 am, US Crude Oil Inventories at 4.30 pm and US Gasoline Production at 4.30 pm.
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