The JSE ended firmer on Thursday and is above the 80,000 level again as big diversified miners recovered from the sharp market rout of the previous day. The market was also helped by large industrial stocks as the rand weakened further against the dollar to trade at R18.20/$.
In company specific news, Vodacom jumped 10% intraday before ending up 4% higher at R130.02 after it was reported that its parent company, Vodafone, may be considering selling it or merging the company with other operators to unlock value.
Vodacom Intraday Share Price Chart (Source: Infront Terminal)
Diversified miner, African Rainbow Minerals released a positive trading statement yesterday, the miner expects first half profits to increase by as much as 44% due to record coal prices.
In the US, Tesla announced that it will be recalling 362,000 US vehicles over faulty self-driving software. The National Highway Traffic Safety Administrator (NHTSA) said Tesla’s software does not adequately adhere to traffic safety laws and could cause crashes.
Market Moves (16 February 2023)
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